TrendSpider Thursday Analysis: Airlines “Fly” From Mid-January
Every Thursday, TrendSpider releases a blog looking at a group of stocks to show some of the features of the platform as well as show interesting patterns setting up. In this Thursday’s blog post, we take a look at airlines once again to see how the charts from a couple of weeks back have materialized since. To compare the charts from the blog “Airlines Ready to Fly?” two weeks ago, click here.
$DAL: Daily Candle
- A huge move up in price today, 1/30, with room to move up before testing the weekly SMA (20), something that has been tested on the two other charts.
- The VI- is crossing through the VI+ to the downside which has been a reversal point for further upside in the past when this divergences between the two get big enough.
- The RSI is still trading below overbought conditions with the price generally topping out somewhere in the red shaded area when the price is ready to reverse to the downside.
- The weekly MACD histogram continues to show a possible curl to the upside but a bullish cross has not occurred yet.
$LUV: Daily Candle
- LUV has made a huge move already since the blog post two weeks ago with a huge move through the weekly SMA (20) already and almost a test of the resistance area above which has an alert set on it.
- The Vortex Indicator shows that the move has already started and a strong appreciation in price occurred after the VI- crossed through the VI+ to the downside, something that is set up on both DAL and UAL.
- The RSI is trading in overbought levels which is something to watch for a possible reversal. However, this overbought signal has falsely signaled before as price continued to move up back in November of 2017.
- The weekly MACD overlay on the LUV is showing a recent bullish cross which is the only bullish cross out of the three tickers for this update.
$UAL: Daily Candle
- The daily price action closed right above the weekly SMA (20) today with the previous support now acting as resistance above once again.
- The VI- is about to cross down through the VI+ which has also been an indicator for further moves up in the past. Some of these moves have been only a few days before a reversal while others have been longer-term moves up after the cross.
- The RSI is still trading in the blue-shaded area which shows it may still have room to move up.
- The weekly MACD did not cross below the zero-line on any of these drops since the hard correction in October and is now starting to curl to the upside once again.