Seems like the time for a correction has come for AAL (American Airlines). Small or significant is a matter that remains to be seen. Whatever the outcome, Long Puts w/monthly-bimonthly expirations, a percentage available for hedging, and let's see how it plays out.
It failed to breach 33.30 mark despite repeated attempts. I believe there will be a short term down move to retest 32.30 level before any bounce back. If breach occurs I would expect a further downside towards 32.10 and below.
NASDAQ:AAL sitting comfortable inside the falling wedge. I am expecting/hoping for an upside break. Conservatively, I am targeting $40 if AAL breaks out of the wedge. Otherwise a correction to $29 invalidates this outlook.
A falling wedge pattern has been developing for the last six months and may be ready to break out.
Short term swing targets 32,35,37 and breakout target 40. Stop under 25.
If there is strong continuation you may see a flag spike and channel to previous highs of 54,56 and 59 over the next couple of next years.
NASDAQ:AAL might have bottomed. And if it falls further, it means trouble for the airline and everyone as well. The chart looks good by the way. Indicators are turning up and if you are looking to hold for long term, catching the falling knives at these levels might be a good bet. I am targeting $40 if the falling wedge breaks upwards. Otherwise a fall below $27...
American Airlines Group, Inc.
Growing Channel was broken. Now we have formed a bear channel. At the opening with a small pullback considering sales.
SPY/SPX/S&P 500 in the coming days may show weakness and fall on the mini correction (Gold is now in a growing local phase).
According to the volume profile, we will have to preserve the...
American Airlines Group Inc. (AAL)
Consolidation above main volumes + CMF is Positive
Buy Limit (Pre Market) = $33.60
Take Profit - $35.23
Stop Loss - $33.25
Take Profit = +4.85%
Stop Loss = -1.04%