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by James Kupfer
Alaska Air has more than doubled since its July 2008 bottom. Is now the time to buy?
Position: Hold
James Kupfer
Mr. Kupfer is a market professional and amateur stock market commentator. Disclosure: It is likely that Mr. Kupfer has or will enter a position in any security he writes about.
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RESISTANCE LINE
Alaska Air Is Flying
12/23/08 02:13:50 PMby James Kupfer
Alaska Air has more than doubled since its July 2008 bottom. Is now the time to buy?
Position: Hold
| After hitting a low of $10.10 in July 2008, Alaska Air has soared in price and is now in the $27–28 range. Given the massive runup, is now the time to buy or sell? |
| Looking at the chart (Figure 1), you can see that ALK has made a series of higher highs and higher lows, a bullish sign. Over the last month in particular, ALK had a very large move and formed a steep trendline (green) that is providing continued support for an upward move. |
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| FIGURE 1: ALK, DAILY. Alaska Air must overcome resistance before moving higher. |
| Graphic provided by: Wealth-lab. |
| |
| There is, however, some significant resistance that ALK must overcome before moving significantly higher. Old resistance from previous peaks lay at $28.50–29.00. This may well serve as a ceiling on the stock. If ALK can move north of $29, however, $36 would be the first price target. This one is worth watching for such a move. |
Mr. Kupfer is a market professional and amateur stock market commentator. Disclosure: It is likely that Mr. Kupfer has or will enter a position in any security he writes about.
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Date: 12/30/08Rank: 2Comment:
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