January 16 Chart of the Day - American Airlines
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Shares of airline stocks are trading lower in sympathy with Delta, which dropped after recently reporting fourth-quarter results and issuing 2024 guidance...
American Airlines was trading at $12.91 earlier today and is down over 11% in just the last week.
So with a recent focus on the airline industry including prior Charts of the Day for Alaskan Airlines, Jet Blue, and Boeing we wanted to also analyze American Airlines chart from a price action technical analysis perspective.
On the monthly chart we can see that price is well off its pre-pandemic $59.08 all time high (ATH) and went on to subsequently make an $8.25 low in April 2020 time frame.
Price popped up to the $25 area a year after making that low but has steadily faded and drifted back down to the $10.60 area.
Down on the weekly chart we can see price established a new trend line so we've added bull Fibonacci retracement levels if indeed that $10.60 area proves to be a higher low...
Only time will tell for sure whether it is or isn't but with these bi-directional levels of interest traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
Take a look at the charts and let us know what you think.
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