$AAL I still hold 1.8k shares long but significantly cut my position on Friday due to the selling pressure. The chart here is still in a position where we could bounce or fall lower and a lot will depend on broader market dynamics and Delta’s report on Tuesday pre-market. This is a critical week. Critical support is $27, if that fails to hold then we will test $26.50 and if that fails we are going to retest 52-week lows. Interesting enough is if for some unbelievable reasons that support fails then the next fib sits at $22.30 where we hit that magical $10B mkt cap. I had to free up cash in the event we continued a drop lower which I felt was a more likely outcome possibly near term. I am long-term bullish on this but in the short-term I think there may be more buying opportunities. It seems ridiculous to think this could trade much lower but I’ve said that since May or June this year and look where we are today. The fibs are good indicators both - weekly & daily on this one.
  • 2
  • 3