Coronavirus-related fear has triggered pullbacks across many stocks but some sectors are likely to be more vulnerable than others: airlines are just one that come to mind. This article contains a few charts that I think are worth watching for any continued weakness and I’ve noted levels that I think are worth monitoring; not for any ride down BUT for when a potential recovery might present. Most of these stocks have enjoyed bullish runs up until recently and so I have looked to the 61.8% Fibonacci region for clues about any pullback target levels. Can you think of other stocks worth stalking? If so, please e-mail tickers through and I will chart and share.
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LUV weekly: Southwest Airlines: this has been rather bullish since the GFC. Any continued weakness would bring the 61.8% fib, near $30, into focus:
AAL weekly: American Airlines: this is already at Lows so watch the $25 for if and when a recovery might start:
MGM monthly: Casinos are another sector that have been impacted by Coronavirus. I’d be interested though if price made it as far back as $8:
FLT weekly: Flight Centre: this ASX stock is already back near the 61.8% fib so watch the $30 region for any new make or break. And, beyond that, watch $20:
UAL weekly: United Airlines: this is another airline stock that has been rather bullish since the GFC. Any continued weakness would bring the 61.8% fib, near $40, into focus:
DIS weekly: Disney: this is another stock that been rather bullish since the GFC but is struggling a bit near the 200 EMA. Any continued weakness would bring the S/R level of $60, near the 61.8% fib, into focus:
QAN weekly: QANTAS: this Australian airline stock has been rather bullish since late 2014. Any continued weakness would bring the S/R level of $3, below the 61.8% fib, into focus:
DAL weekly: Delta Airlines: this is another airline stock that has been rather bullish since the GFC. Any continued weakness would bring the S/R level of $30, near the 61.8% fib, into focus:
TSLA weekly: now this is just wishful thinking! After such a bullish run though, a pullback to previous S/R near $390 would be nice!
FB weekly: Facebook: another bit of wishful thinking here. Any pullback to the 61.8% fib level, near $100, would be quite a gift!