LUV Trade on Jan 10, 2019 09:56 from math_psycho: Tradervue User Stock Trades.

TICKER: LUV
BIAS: SHORT
SUPP: 46, 47-47.2
RES: 48-49
GAP%: -3
AVGV: 2.2M
ATR: 1.2

NEWS: Cowen drops Southwest Airlines (NYSE:LUV) to a Market Perform rating after having it set at Outperform. The firm lowers its price target on the airline stock to $54 from $65. A drop in guidance by American Airlines over a weaker-than-anticipated improvment in the U.S. market during Q4 is looking like it will hang heavy over the airline sector today.Southwest Airlines (NYSE:LUV) is down 3.0% in premarket action, while United Continental (NASDAQ:UAL) is off 2.2%. Also in the mix - JetBlue (NASDAQ:JBLU) is 3.4% lower, Spirit Airlines (NASDAQ:SAVE) has peeled off 1.9% and Alaska Air Group (NYSE:ALK) is down 1.7%.

TRADING PLAN: Look for shorts into resistance levels. Also, watch the whole sector.

NOTES: It appeared that the stock was turning its 47-47.20 support into resistance and I got short in the direction of the gap and got stopped out for a small loss at 47.54 after averaging in some more. I could have been more open minded about the 47.20 level actually holding as support and watching the tape with less bias could also have been revealing. It certainly would have been nice to have been open to the long side of this trade.