Breakout and Retest:
LUV has broken out of a channel and subsequently retested near the 32.53 gap fill. This retest indicates a possible support level, suggesting that the stock might be gearing up for a rebound.
Profit Targets:
Based on my analysis, I’ve identified two profit targets. The first one lies at 34.82, and the second at 36.90. Notably, these levels align with gap fills, which often act as significant price levels.
Larger Breakout Potential:
A breakout above the 40 mark could be a crucial turning point. If this breakout occurs, it could signal the possibility of a more substantial upward move, with a larger profit target set at 47.16.
Support Levels:
In addition to the gap fill support at 32.53, there are other potential support levels to consider. The upward sloping trendline originating from this year’s low offers a supportive context. Furthermore, the 30.93 gap fill provides an additional layer of potential support.
LUV has broken out of a channel and subsequently retested near the 32.53 gap fill. This retest indicates a possible support level, suggesting that the stock might be gearing up for a rebound.
Profit Targets:
Based on my analysis, I’ve identified two profit targets. The first one lies at 34.82, and the second at 36.90. Notably, these levels align with gap fills, which often act as significant price levels.
Larger Breakout Potential:
A breakout above the 40 mark could be a crucial turning point. If this breakout occurs, it could signal the possibility of a more substantial upward move, with a larger profit target set at 47.16.
Support Levels:
In addition to the gap fill support at 32.53, there are other potential support levels to consider. The upward sloping trendline originating from this year’s low offers a supportive context. Furthermore, the 30.93 gap fill provides an additional layer of potential support.