United Airlines Holdings Inc - (UAL) - October 25, 2022 (Daily Stock Report)

by SIACharts.com

 

 

One sector which has had particularly positive earnings this quarter, in terms of both results and guidance, has been US airlines. United Airlines (UAL) has been soaring back up the rankings in the SIA S&P 500 Index Report in the last week on anticipation and then in response to last weekā€™s strong numbers. UAL which spent most of the last year in the red zone, has rocketed up to the top of the Yellow Neutral Zone in recent days. United Airlines is currently sitting in 128th position two spots outside the green zone, after moving up 31 spots in one day and 230 places in the last month.

A major breakout is underway in United Airlines (UAL) shares. Since bottoming out in September, UAL has been steadily recovering lost altitude. Last week, UAL snapped a downtrend line, regained its 50-day moving average and staged a breakaway gap on a big spike in volume, indicating renewed interest. Yesterday, the shares blasted through $40.00 to confirm the start of a new uptrend.

Next potential upside resistance appears at previous highs near $47.00 and $52.50, along with the $50.00 round number. Initial support moves up toward $40.00 from $37.50, the top of the recent gap.

 

 

United Airlines (UAL) has staged a dramatic turnaround this month. After breaking down in September, UAL successfully retested support at the March low near $30.00. This month, the shares have taken off, rallying back up above $40.00, snapping a downtrend line and completing a series of bullish Double Top and Spread Double Top breakouts.

Currently UAL is bumping up against $42.15 where a breakout would confirm the start of a new uptrend. Should that occur, next potential resistance on trend appears near $45.65 and $48.45 based on horizontal counts, the $50.00 round number and $51.40 based on previous column highs and lows. Initial support appears near $38.20 based on a 3-box reversal.

With its bullish SMAX score increasing to a perfect 10, up from 1 earlier this month, UAL is exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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