ALK appears to be in a rectangle. Price is under mid rectangle (MR). Rectangles are horizontal consolidation zones and can be long term patterns. They are neutral until a trendline is broken with a confirmed trend in one direction.
Mid rectangle is often used as a stop in either direction. Some swing trade inside the rectangle but this can be risky since it is virtually impossible to know when the upper trendline (resistance) or the bottom trendline (support) will be broken.
ALK was also inside a small bearish rising wedge but has broken bottom trendline. The bottom trendline may catch the fall but no way to know.
No recommendation.
The market can remain irrational longer than we can remain solvent.
Mid rectangle is often used as a stop in either direction. Some swing trade inside the rectangle but this can be risky since it is virtually impossible to know when the upper trendline (resistance) or the bottom trendline (support) will be broken.
ALK was also inside a small bearish rising wedge but has broken bottom trendline. The bottom trendline may catch the fall but no way to know.
No recommendation.
The market can remain irrational longer than we can remain solvent.