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Possible Bearish Inside Day Candle Pattern Detected for Southwest Air (NYSE:LUV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Southwest Air (NYSE:LUV) based on the price action in the company's shares. Yesterday's price range of $49.68 and $50.08 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 Southwest Air 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 Southwest Air have traded between a low of $44.28 and a high of $64.02 and closed yesterday at $49.98, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

Southwest Airlines Co. operates a passenger airline that provides scheduled air transportation services in the United States and near-international markets..

There is potential upside of 35.9% for shares of Southwest Air based on a current price of $49.98 and an average consensus analyst price target of $67.94. The stock should find initial resistance at its 50-day moving average (MA) of $51.97 and further resistance at its 200-day MA of $54.03.

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

Keywords: bearish am inside day candle southwest air

Ticker(s): LUV