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

By David Diaz

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 $29.56 and $29.79 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.

There is potential upside of 133.4% for shares of Southwest Air based on a current price of $29.11 and an average consensus analyst price target of $67.94. Southwest Air shares should first meet resistance at the 50-day moving average (MA) of $39.50 and find additional resistance at the 200-day MA of $50.65.

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.

Over the past year, Southwest Air has traded in a range of $28.80 to $58.83 and closed yesterday at $29.11, 1% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4.2%.

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