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

By Nick Russo

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. Today's price range of $57.39 and $57.70 is within yesterday'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.

Southwest Airlines Co. is a domestic airline that provides primarily short-haul, high-frequency, and point-to-point services. The Company offers flights throughout the United States.

In the past 52 weeks, Southwest Air share prices have been bracketed by a low of $47.40 and a high of $58.77 and are now at $57.56, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

There is potential upside of 18.0% for shares of Southwest Air based on a current price of $57.56 and an average consensus analyst price target of $67.94. The stock should discover initial support at its 50-day moving average (MA) of $55.24 and subsequent support at its 200-day MA of $53.51.

SmarTrend is tracking the current trend status for Southwest Air and will alert subscribers who have LUV in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle southwest air

Ticker(s): LUV