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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 $30.02 and $32.33 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 $20.02 and a high of $72.22 and closed yesterday at $32.49, 62% above that low price. The 200-day and 50-day moving averages have moved 1.01% lower and 5.27% lower over the past week, respectively.

Alaska Air Group (NYSE:ALK) has potential upside of 152.9% based on a current price of $32.49 and analysts' consensus price target of $82.15. The stock should run into initial resistance at its 50-day moving average (MA) of $53.65 and subsequent resistance at its 200-day MA of $62.47.

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 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