Thursday, August 24, 2017 11:37:25 AM
Yesterday, I talked about how all of the major airline stocks have been under pressure since early July. This industry group has been steadily declining over the past eight weeks. The sector is now getting very oversold, but that does not mean that these stocks will not trade lower in the near term. Many of these stocks in the group are now approaching very attractive trade levels.
Southwest Airlines Co(NYSE:LUV) is a stock that is now on my radar. This stock topped out on July 7th at $64.39 a share. Today, LUV stock is trading as low as $51.65 a share, so you can see how much this stock has sold off already. I will now be watching the $48.75 area as the next major support spot on the chart. This was a level that was tested in late January 2017 and should serve as major support when retested.
Nicholas Santiago
InTheMoneyStocks
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