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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish 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 $27.75 and $28.55 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. Traders and investors interested in shares of Alaska Air Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

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 $28.20, 41% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 6.7%.

Alaska Air Group has overhead space with shares priced $28.20, or 65.7% below the average consensus analyst price target of $82.15. The stock should run into initial resistance at its 50-day moving average (MA) of $39.59 and subsequent resistance at its 200-day MA of $59.21.

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

Keywords: bullish am inside day candle alaska air group

Ticker(s): ALK