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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Southwest Air (NYSE:LUV) based on the price action in the company's shares. Yesterday's price range of $53.83 and $54.28 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 Southwest Air may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Southwest Air (NYSE:LUV) has potential upside of 27.5% based on a current price of $53.30 and analysts' consensus price target of $67.94. The stock should find resistance at its 50-day moving average (MA) of $55.51, as well as support at its 200-day MA of $53.29.

Over the past year, Southwest Air has traded in a range of $47.40 to $58.77 and closed yesterday at $53.30, 12% above that low. The 200-day and 50-day moving averages have moved 0.01% higher and 0.33% lower over the past week, respectively.

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.

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: bullish am inside day candle southwest air

Ticker(s): LUV