LUV pops to highest close since March 26th

Southwest Airlines Company (LUV) Technical Analysis Report for Sep 15, 2020 | by Techniquant Editorial Team


LUV rises to highest close since March 26th
LUV fails to close above 200-day moving average
LUV closes higher for the 3rd day in a row


Moving higher for the 3rd day in a row, LUV ended Tuesday at 40.61 gaining $0.55 (1.37%), outperforming the S&P 500 (0.52%). Today's close at 40.61 marks the highest recorded closing price since March 26th.

Daily Candlestick Chart (LUV as at Sep 15, 2020):

Daily technical analysis candlestick chart for Southwest Airlines Company (LUV) as at Sep 15, 2020

Tuesday's trading range has been $0.88 (2.19%), that's below the last trading month's daily average range of $1.41. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LUV.

After spiking up to 40.98 during the day, Southwest Airlines found resistance at the 200-day moving average at 40.68. The last time this happened on August 23, 2019, LUV actually gained 0.26% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Southwest Airlines. Out of 173 times, LUV closed higher 53.76% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.38% with an average market move of 1.06%.

Market Conditions for LUV as at Sep 15, 2020

Loading Market Conditions for LUV (Southwest Airlines Company)...
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