Friday, October 22, 2021

The “battle lines” are well drawn in this airline index, the analyst said

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It has been a busy week for airlines.

Delta reported earnings for the third quarter on Wednesday morning as demand was better than last year.

Meanwhile, Southwest Airlines dominated the headlines after the cancellation of the waves earlier in the week – the company canceled more than 2,200 flights from Saturday to Monday, blaming weather and air traffic problems.

The JETS ETF has been flat for a week, but 17% below its March high.

Now Miller Tabak’s chief market strategist, Matt Maley, is keeping a close eye on the group’s next move schedules.

In the email, he said the “battle lines” were well drawn in the HAL airline index. He emphasizes the break in the neckline of the back of the head and shoulders.

He said investors should now watch for the $ 101.50 level, which peaked in September and October.

“If they could pull back strongly and go above $ 101.50, it would be a break in the neckline of the back line of his head and shoulders, and everything would be fine.” bull, “he said in an interview with Trading Nation on Tuesday.” If it’s higher, it will be very positive for the group. “

The index closed at $ 95.62 on Tuesday. A 6% collection will be required to achieve the Mali target.

Gina Sanches, CEO of Chantico Global and chief market strategist at Lido Advisors, said the next few months could be important for airlines.

“Holiday travel is an important litmus test right now,” Sanches said in that interview. “The pandemic was actually related to a lot of travel, cars, road trips, but we didn’t see a really solid return to the plane ride.”

The number of tourists moving through TSA checkpoints has averaged 1.79 million since the beginning of August this year. In 2019, an average of 2.3 million in the same direction.

The declining incidence of the “Covid delta variant” and the possibility of vaccinating children between the ages of 5 and 11 will help them get back into the sky this holiday season, Sanches said.

“Really, everyone who has the opportunity to travel on holiday falls for Christmas, so we need to see how it goes, and it will be a break for the airline’s promotions,” he said.

Give up

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