January 16 Chart of the Day - American Airlines
If you've been following our Chart of the Day posts and have benefited from one or more of them we ask that you consider participating our NEW Pay It Forward - Traders Helping Traders program.
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.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
Have a chart you'd like to see featured?
Send requests at https://stockchartpros.com/community/contact
Would you like charts like this delivered directly to you every day? ChartPros Trade Room is offering an OPEN HOUSE 7-day free trial at this link.
