AAL American Airline, an imminent breakout is coming.
Following the price action of AAL during the past days, it's clear that Bears failed to retest the lows which I was highly anticipating around 10.30 in fact it made an impressive strong rebounded today from 11.41 low on decent volume. RSI pointing sideways at 42 after bieng downward sloping.
On average volume, today's reverse price action for me is bullish (over the short term) despite all the negative news and sentiment surrounding the Airline industry in general.
My view will be confirmed by a break above 14.29 which was 1 July high, which should be followed by a test to 18.44 then finally a test of 5 June high @ 22.8.
I need to see a decisive breakout of the downward sloping trendline tomorrow or Friday before planning any bullish trades.
This analysis isn't a recommendation and readers should be aware of the high risk involved in trading and must perform thier own analysis before taking on a trade.
I owned a straddle at 13$, got out of the put leg today with a profit, so now I am left with a free call option at 13$.
I don't own AAL stock and I have no plans to owning it for the next 72 hours.
Wise trading everyone.
On average volume, today's reverse price action for me is bullish (over the short term) despite all the negative news and sentiment surrounding the Airline industry in general.
My view will be confirmed by a break above 14.29 which was 1 July high, which should be followed by a test to 18.44 then finally a test of 5 June high @ 22.8.
I need to see a decisive breakout of the downward sloping trendline tomorrow or Friday before planning any bullish trades.
This analysis isn't a recommendation and readers should be aware of the high risk involved in trading and must perform thier own analysis before taking on a trade.
I owned a straddle at 13$, got out of the put leg today with a profit, so now I am left with a free call option at 13$.
I don't own AAL stock and I have no plans to owning it for the next 72 hours.
Wise trading everyone.
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