Alaska Air (ALK) fell sharply in early June, established support just above 46 and bounced off this support zone the last few days. This is impressive considering the selling pressure that hit the market this week. Notice the hollow, or white, candles. These form when the close is well above the open, which means there was buying pressure during the day. The indicator window shows the StockCharts Technical Rank (SCTR) holding above 70 as ALK continues to show relative strength.
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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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