Is $UAL ready to take off? – February 28, 2023

by DAN UAL SPY 
This is Scott with your Chart of the Day. I want to take a look at United Airlines ( NASDAQ: UAL ). UAL ( NASDAQ: UAL ) is up on a day when the rest of the market is down ( NYSEARCA: SPY ). UAL ( NASDAQ: UAL ) is holding up really nicely here and showing some definite relative strength.

You can see how I have drawn this clear downward sloping trendline. Clear resistance right there, right there, right there, right there, and right there. It broke above and did it today on pretty decent volume considering the rest of the market was not that great.

Here’s what I want to see from UAL ( NASDAQ: UAL ). Ideally, we want to see a continuation of this move to the upside, and a move through 53.40. If I zoom out here to the weekly chart you can see how that is a pretty key resistance level.

That 53.40 zone was resistance back here, back here and now we are right close to it. So if we can get a move through and a close above that 53.40 level this is making a weekly higher high and is definitely a stock we want to pay attention to.

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