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Possible Bearish Inside Day Candle Pattern Detected for Alaska Air Group (NYSE:ALK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alaska Air Group (NYSE:ALK) based on the price action in the company's shares. Yesterday's price range of $58.11 and $58.46 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Alaska Air Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Alaska Air Group have traded between a low of $53.39 and a high of $74.83 and closed yesterday at $58.33, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.61% lower over the past week, respectively.

Alaska Air Group, Inc., through its subsidiaries, provides passenger and cargo air transportation services. The company operates through three segments: Mainline, Regional, and Horizon. It has a network of approximately 1,200 daily flights to 115 destinations across the United States, Mexico, Canada, and Costa Rica. The company was founded in 1932 and is based in Seattle, Washington.

There is potential upside of 40.8% for shares of Alaska Air Group based on a current price of $58.33 and an average consensus analyst price target of $82.15. The stock should find initial resistance at its 50-day moving average (MA) of $60.06 and further resistance at its 200-day MA of $63.30.

SmarTrend is monitoring the recent change of momentum in Alaska Air Group. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Alaska Air Group in search of a potential trend change.

Keywords: bearish am inside day candle alaska air group

Ticker(s): ALK