Airlines are active this week, breaking out with many travel and leisure stocks. We’ll look for more follow-through today, as many of the stocks in the group gap up this morning.
Airlines – Top 5 Stocks
UAL (+1.50 Pre-market) moved quickly out of the Opening Range, breaking above 31.00 quickly. Price action climbed away from VWAP, tracing out an ABCD_Pattern into the closing bell.
Price action is moving into the Kirby, an area of little supply. Noted the horizontal line, where the price above accelerated lower as investors and traders “stepped away from the bid.” As a result of this lack of supply, price action has less resistance to regaining lost ground.
Bollinger Bands are expanding, top and bottom, which suggests a fast move as volatility increases. RSI is rising, with room to run. MACD is above its signal line and bullish.
Volume has been trading well above average for more than a week. That’s institutions accumulating shares for the return trip.
Look for a repeat in the airlines today.
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