Wednesday, February 20, 2019 12:12:54 PM
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
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