I used the swing low/signal candle strategy to confirm the break and close above for buy opportunity. Market has been ranging, somewhat making higher highs. There's a gap higher up that will eventually get filled.
The PEAD projected a Bullish outlook for $LUV after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 70%.
There is a strong reversal price action at the top of the channel.
False break has reached for liquidity above. This should fuel shorts for some time now.
second air line play i find on the daily chart with an inverted head and shoulders pattern you can also check out #UAL if confirmed that would main a 19% possible future gain for #LUV putting it up in the low $60's either way i will be watching both of these plays heading into earnings for the next q's guidance as summer usually means more money for people wanting...
$LUV Key Levels, Analysis & Targets
Target 1 & 2 really aren’t that far away. And it could hold at that EMA line. But if it doesn’t there’s two additional targets below it. And you should be able to take a good 20% swing here if you average in right, even if just the first two hit... If all 4 hit I'd be going for 25%… Hope this helps.
GL & happy swinging…...
Airlines are not doing well still despite a bunch of propping up by various institutions. These earnings are going to be absolute garbage and the broader market is also gonna tank too. I expect a rally to the 44-45 range with a likely rebound Monday in the broader market. After this, there is nothing holding airlines up for the foreseeable future. What bullish...
I opened short position because I observed that perhaps we will have reversal at this point due to the following reasons :
candle lower low from yesterday and it is already to move out from uptrend channel and shape another one eliot wave.
At previous trading channels the fibonacci is 98% accurate and I believe the stock will decline for a little at fibo supports...
$LUV - Key Levels and Analysis
This looks like a good place to start a position. I do think it will go a little lower and the add levels are labeled…
Sell target 55.24
Add at 47
Double target 44.34
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I did start a very small $LUV position here ---> Target 55.24 for 10.95%
Or next add at 44.34
Well… I started a very small position here… even though I’m still pretty bearish on Airlines (Especially after having a horrible experience on a flight this week… getting cancelled twice, but I’m trying to keep that bias out of my analysis)
So small position here…...
