The Amex Airline Index ($XAL) surged around 5% with a big move off support on Monday. Notice how broken resistance around 16 turned into support in late April and again in May. Today's bounce reinforces support and makes XAL one of the industry group leaders on Monday.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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