• Return to Headlines

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 $30.18 and $30.93 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.

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.

Southwest Air (NYSE:LUV) has potential upside of 117.4% based on a current price of $31.25 and analysts' consensus price target of $67.94. The stock should find initial resistance at its 50-day moving average (MA) of $37.89 and further resistance at its 200-day MA of $50.32.

In the past 52 weeks, shares of Southwest Air have traded between a low of $28.25 and a high of $58.83 and closed yesterday at $31.25, which is 11% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 5.5%.

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 am inside day candle southwest air

Ticker(s): LUV