Airlines are pulling back as of late...Guess some of us think they will continue to fly and others think the sky exists no longer..
Go with your gut on travel stocks..if you think it will be a "Long and dark" winter, they may not be for you..
I feel folks will still travel and when the government and the media decides to let the flu mania and the control go away...
I see the airlines trading in an ABC bullish pattern
Stop is under C which would be around 28 or below for SKYW. But UAL, HA, LUV, DAL, SAVE, JBLU, AAL are all trading in this pattern but would all have different entries, targets and stops of course.
Not a recommendation, just an observation
Markets demonstrate repetitive swings and harmonic patterns emerge. ...
The previous resistance of 32.50 was broken and has now turned into support.
The 52 week high is the now the resistance that the stock is chasing.
Support has been reached and looking like it could jump off the support.
Take profit at the same level of 38.00 to 60.00
Stop loss between 25.00 and 30.00
Buy from 32 to 40 dollars
SKYW jumped along with all the other airlines. If it breaks the resistance at around 32.00 dollars, it will most likely go higher.
If it goes to 35 dollars it will rebound at least to 40.00.
Set your stop loss at the previous resistance of 32.00 dollars or a little bit more conservative at around 34.00 dollars.
Good Luck SoloTradingCrew
Long term chart pattern followers will love this breakout pattern in Skywest ($SKYW) shares.
Shares didn't breakout on major volume, but sellers didn't step in and drive down shares, so low volume isn't necessarily a problem, but I will still keep an eye on it if we see heavy volume on the downside. Now that we have seen December and January have a much higher...