UAL unable to break through key resistance level
Moving higher for the 3rd day in a row, UAL finished Monday at 67.31 gaining $0.77 (1.16%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Monday's trading range was $1.47 (2.2%), that's below last trading month's daily average range of $1.94. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 67.51, United Continental closed below it after spiking as high as 68.18 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 68.18 during the day, the market found resistance at the 100-day moving average at 67.36.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
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