Bouncing back from a brief dip into the red zone, United AIrlines (UAL) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report and continues to climb up the rankings. The shares finished yesterday in 36th place, up 30 spots on the day and up 242 spots over the last month, boosted by an 8.2% gain in the share price.
United Airlines (UAL) shares continue to accelerate to the upside this week, gapping up toward $60.00 as they continue to build on last month’s big breakout over $50.00, which completed a large, bullish, Ascending Triangle base and signaled the start of a new uptrend.
Based on a combination of measured moves and previous support levels, next potential upside resistance on trend appears in the $75.00 to $80.00 zone. Initial support moves up toward $55.00 from the recent $50.00 round number breakout point.
Signs of accumulation continue to increase for United Airlines (UAL) shares. Back in December, they snapped a downtrend line and briefly cleared their June 2020 high. Following a few weeks of consolidation, shares confirmed their uptrend remains intact by establishing another higher low, accumulation has resumed in earnest. Last month, the shares completed a bullish Spread Double Top breakout followed by a higher bullish Double Top breakout this week to signal the start of a new upleg.
Initial upside resistance appears in the $73.40 to $74.85 area where previous column highs lows and multiple vertical/horizontal counts cluster just below the $75.00 round number, followed by $84.35 where a vertical count and a previous column low converge. Initial support appears near $55.60 based on a 3-box reversal. .
With a bullish SMAX score of 8, UAL is exhibiting near-term strength against the asset classes.
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