Has United Airlines Reached Its Maximum Altitude?

23 de mar. de 2022

United Airlines has taken off in the last two weeks, but some chart watchers may think it’s reached its highest altitude.

The key pattern on today’s chart is the $40-42 area level. UAL jumped above this price zone in November 2020 when the vaccine news emerged, followed by a successful retest in January 2021. The airline held $40 again in December, January and February before knifing lower in early March. Now UAL is trying to reclaim this range. Will it provide support again, or become new resistance?

Second, notice how stochastics have returned to an overbought condition. This has marked tops several times in the last year.

Finally, the macro environment remains difficult given the rise in energy costs and the increasingly hawkish Federal Reserve.

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