Tuesday, November 07, 2017 12:00:40 PM
Since this earnings season has begun in October the airline stocks have struggled to move higher. Leading airlines stock such as Delta Air Lines, Inc. (NYSE:DAL),American Airlines Group Inc. (NYSE:AAL), Southwest Airlines Co. (NYSE:LUV) and United Continental Holdings, Inc. (NYSE:UAL) have been under pressure recently. Higher fuel prices are certainly starting to weigh on these leading transportation stocks and that has not helped the shares.
American Airlines Group Inc. (NYSE:AAL) is forming a daily chart bearish consolidation pattern. This pattern signals potential downside in the near term. Traders should note that the longer the bearish sideways pattern remains the lower the price of AAL stock can go. Today, AAL stock is trading lower by $0.62 to $50.04 a share. The airline giant should have major chart support around the $43.50 area. This support level is where the stock was defended in May and September 2017, so until that level fails it looks to be major chart support for AAL stock.
Nicholas Santiago
InTheMoneyStocks
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