AI
Wednesday, February 20, 2019 12:12:54 PM
No $LUV For This Stock, Watch This Trade Level
Today, leading airline stock, Southwest Airlines Co (NYSE:LUV), is falling lower by $3.09 to $54.58 a share. The decline comes as Southwest gets a downgrade to sell by Goldman Sachs. The company is also facing a series of negative reports regarding a bunch of issues. The stock is now testing its 200-day moving average, a close below this important moving average would likely signal more downside in the near term. The next major price level that looks solid for support would be around the $48.00 level. This is where the stock broke out of a daily chart base in mid-January. It was also an area that was defended in October 2018, so it has shown institutional sponsorship in that area before and will likely again if tested.
Nick Santiago
InTheMoneyStocks
Today, leading airline stock, Southwest Airlines Co (NYSE:LUV), is falling lower by $3.09 to $54.58 a share. The decline comes as Southwest gets a downgrade to sell by Goldman Sachs. The company is also facing a series of negative reports regarding a bunch of issues. The stock is now testing its 200-day moving average, a close below this important moving average would likely signal more downside in the near term. The next major price level that looks solid for support would be around the $48.00 level. This is where the stock broke out of a daily chart base in mid-January. It was also an area that was defended in October 2018, so it has shown institutional sponsorship in that area before and will likely again if tested.
Nick Santiago
InTheMoneyStocks
