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

By James Quinn

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 $92.81 and $93.78 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, Alaska Air Group share prices have been bracketed by a low of $54.51 and a high of $101.43 and closed yesterday at $92.94, 71% above that low price. The 200-day and 50-day moving averages have moved 0.13% lower and 0.3% lower over the past week, respectively.

Potential upside of 18.2% exists for Alaska Air Group, based on a current level of $92.94 and analysts' average consensus price target of $109.83. The stock should find initial support at its 50-day moving average (MA) of $78.14 and further support at its 200-day MA of $77.05.

Alaska Air Group, Inc. is an airline holding company. The Company, through its subsidiaries, provides air services to passengers in multiple destinations. Alaska Air also provide freight and mail services, primarily to and within the state of Alaska and on the West Coast.

SmarTrend recommended that subscribers consider buying shares of Alaska Air Group on June 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.79. Since that recommendation, shares of Alaska Air Group have risen 6.9%. We continue to monitor ALK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle alaska air group

Ticker(s): ALK