Bullish On Airlines?

Kiplingers had an article on airline stocks that opened with "There's an old wall street joke about how to end up with $1 million worth of airline stocks...Start with $10 million."

"In 2000, nine airlines controlled about 80% of the U.S. markets. Today, just four companies control about the same percentages."

Looking at the major players American Airlines presented the best opportunity for a cheap buy on the pullback. Looking at the technicals, what we have here is a potential Gartley and Bat pattern completion which also lines up with a 61.8 Fibonacci retracement from this stocks all time lows.

Long-term I'm still cautious about ever being too bullish on airline stocks because of the numerous factors that can affect them but as a trader, if you're looking to get long this looks to be a prime area.

Akil