Mmm airlines in general flat YTD. Anyhow buy volume on D1 Charts show bids averaging above their daily volume which tells me that there was short selling profit taking, but more importantly that there was a large amount of bidders buying the dip forming the long legged doji at support. If we look at todays derivatives action you can see the largest bidder loading up on 6,958 SEP 15 48 Calls at 1.70 (Delta .35 / IV 31.62% / Open Interest 57,412) . So all in all, I'm looking to be long the stock. Current fast Beta is at 1.21.
Support: 40.90 - 42.60 (If broken it would invalidate the trade) , do note 200 Moving Average support (I'm not alarmed by price dipping below the moving average due to previous strong recoveries after price dipped below).
Resistance: 47.40 - 47.96 (Use your own discretion on where to take profits)
Update: I have not entered long yet, will wait until next week to decide on whether I'll enter or not.
Cheers =)
Support: 40.90 - 42.60 (If broken it would invalidate the trade) , do note 200 Moving Average support (I'm not alarmed by price dipping below the moving average due to previous strong recoveries after price dipped below).
Resistance: 47.40 - 47.96 (Use your own discretion on where to take profits)
Update: I have not entered long yet, will wait until next week to decide on whether I'll enter or not.
Cheers =)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.