Following today’s breakdown below this uptrend line, SKYW SkyWest Airlines) is poised to continue its descent along with the rest of the airline sector. Horizontal lines mark potential targets/resistance levels.
SKYW daily June 8th
As I’ve already recently added seven airline stocks as Active Short Trade ideas, SKYW won’t be added as an official trade idea in trying to efficiently manage the trade ideas but I figured that it was worth sharing for those looking to initiate or increase short exposure to the airline sector.
As mentioned recently, several of those airline shorts have hit one or more profit targets with updates needed on those trades. I should have those trades updated today with email notifications only being sent out on time sensitive trades (e.g.- those that may be at or near a profit target or offering a new objective entry/add-on while breaking/backtest support/resistance).
The first chart below is the MG771 Major Airlines Index chart from the April 28th post “Airlines Poised To Descend” followed by today’s updated chart of MG771. The next two charts are the MG772 Regional Airlines Index followed by the $XAL (Amex Airlines Index)… all of which indicate that additional downside in most of the US carriers is likely.
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- Major Airline Index April 28th
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- Major Airlines MG771 June 8th
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- Regional Airlines MG772 June 8th
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- $XAL daily June 8th
