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May 29 Chart of the Day - American Airlines

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

American Airlines (AAL) is making headlines as it slashed second quarter guidance and announced the departure of its chief commercial officer. This has raised concerns among analysts and investors so we wanted to review their chart again from a price action technical analysis perspective.

When we last featured AAL back on January 16, 2024 the bears were firmly in control of this chart and quite frankly still are.

But is that about to change?

We have featured over 220 Charts of the Day during the past year and will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

American Airlines monthly price action technical analysis review

On the monthly chart we can see that price continues to melt down through previous structure and is currently testing a major trend line.

Weekly Chart

American Airlines weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall during the past few weeks.

Trading at $11.38 earlier today price is at a point to make a major decisions.  While it's not the last possible line of defense for the bulls it's getting close...

We've layered in traditional Fibonacci bear levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both 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.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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