United Airlines Inc. - (UAL) - June 12, 2023
Heading into summer travel season, United Airlines (UAL) has been climbing back up the relative strength rankings in the SIA S&P 500 Index Report. After hitting an air pocket that took it briefly down into the red zone, UAL has been steadily ascending since May and recently returned to the Green Favored Zone. On Friday, UAL finished in 81st place, up 3 spots on the day and up 145 positions in the last month.
Last September, a downtrend in United Airlines (UAL) shares bottomed out with a successful retest of its March 2022 initial low. For the last nine months, the shares have been building a base for recovery, completing a bullish Golden Cross in December, snapping a downtrend line in January and establishing another higher low above $40.00 in March. Since regaining $45.00 and their 50-day average, the shares have continued to steadily advance, and closed above the $50.00 level on Friday.
Significant resistance appears at the February high near $55.00. A breakout there would complete a large, pending ascending triangle base and confirm the start of a new uptrend with next potential resistance after that in the $60.00 to $64.00 zone. Initial support appears at the 50-day average near $45.00.
United Airlines (UAL) has been on an upswing since establishing a higher low near $41.30 last month. Since then, UAL has completed a bullish Double Top breakout and rallied back up above $50.00.
Initial upside resistance appears at the March peak near $54.55, followed by the $60.20 to $62.65 area where previous peaks and a horizontal count converge. Initial support appears near $46.55 based on a 3-box reversal.
With a perfect SMAX score of 10, UAL is exhibiting strength across the asset classes.
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