On Friday morning, American Airlines (AAL), an airline holdings company gapped up around 16%.
From a technical point of view, on a daily chart, American Airlines' stock price has been holding above a short-term bullish trend line that started to form at the end of May. The last three candlesticks of price action appear to be forming a morningstar reversal candlestick pattern, if price can close positive and inside Wednesdays price action then it will complete the pattern. The RSI is holding a rising trend line and sitting at approximately 60. Price has managed to hold above the rising trend line even though it experienced a large pull back. If price can hold above the trend line we should expect a retest of the $20.00 and $23.00 level. If price can reach $23.00, then we may see a run to $26.00. If price drops below the rising trend line then we may see price plow through $14.00 on the way to $10.00.
Source: GAIN Capital, TradingView
From a technical point of view, on a daily chart, American Airlines' stock price has been holding above a short-term bullish trend line that started to form at the end of May. The last three candlesticks of price action appear to be forming a morningstar reversal candlestick pattern, if price can close positive and inside Wednesdays price action then it will complete the pattern. The RSI is holding a rising trend line and sitting at approximately 60. Price has managed to hold above the rising trend line even though it experienced a large pull back. If price can hold above the trend line we should expect a retest of the $20.00 and $23.00 level. If price can reach $23.00, then we may see a run to $26.00. If price drops below the rising trend line then we may see price plow through $14.00 on the way to $10.00.
Source: GAIN Capital, TradingView
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