$LUV
Added 2023-09-06 22:18:33 +0000 UTCIn the PM today, $LUV was initially down at -6% on an announced that $LUV said they anticipate oil prices to increase for the rest of the year and this will affect their bottom line....however, they said their guidance for Q3 is unchanged.
That -6% then went flat at the open and finished the day -2.6% and after reviewing a lot of stocks from today, it looks like it was in line with the market.
The saving grace here is that it managed to hold the 0.887 Fib, which is the last Fib available for support before testing the previous low.
The problem here is that the price is flirting with being in the channel again and this is where $LUV does not want to be.
So a recovery tomorrow or Friday would be ideal and to stay above the trend line, above $30 is enough.
If the previous low at $28.40 is lost then this can come down to $22.58 at the blue line.
