Name: American Airlines Group Inc.
Sector: Services
Industry: Major Airlines
Shares of several airline companies are trading lower. The global coronavirus outbreak has continued to weaken travel demand and Southwest on Thursday announced cuts to Q1 outlook as a result of the virus.
AAL new 52 week low of $15.0
Gap: -6.36
ATR: 1.05
Vol: 771897
AvgVol: 8143450
S1 12.43
R1 15.68
R2 17.44
The PM trend is downwards and at market opening it ranged lower as the 6 year low. It looked really weak, but the support zone is strong.
The stock created an upward-triangle and distributed the volume nicely. I prepared for a long trade. The breakout to the long side with a lot of volume in the candle was then the signal to enter the market.
I didn't like my resistance levels. Because the stock hasn't been down there for a long time, the psychological levels are stronger than the old levels. This is also one of the reasons why my chosen target was bad.
My patience was good. I carefully waited for the volume and the breakout and got in quickly.
I got out fast, because my matrix and level2 indicator wasn't working properly.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-03-06 10:13:49 | AAL | buy | $16.460 | long |
2020-03-06 10:14:08 | AAL | sell | $16.660 | 0 |
2020-03-06 10:15:12 | AAL | buy | $16.540 | long |
2020-03-06 10:15:31 | AAL | sell | $16.590 | 0 |
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