Alaska Air Flying High Again But For How Much Longer?
Anna Coulling | Apr 27, 2021 01:24AM ET
It’s always interesting and useful from a VPA perspective to review older posts and one such is Alaska Air (NYSE:ALK) which I considered on Mar. 13 2019 and the following is the summary from that analysis.
The outlook here could best be described as ominous. Bearish price sentiment has now taken hold as we move away from the volume point of control at $65 and the extended congestion phase of the last 12 months. Below, there is very little to provide any support, and with a low volume node in the $50 region, expect to see the price move swiftly through this area and down towards the $45 region where some potential price support awaits. Note the potential price support levels of red and blue dotted lines on the accumulation and distribution indicator are mild, and therefore offering little in the way of meaningful support. If these are breached, we may see a very deep move to even lower levels at $32 in the longer term. So a rocky ride in prospect for this stock lower in the longer term.
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