Decisive moment for UALUAL has been tracing out a choppy symmetric triangle since March 2021, and has also obeyed the key ascending support since the Covid meltdown of Mar-May 2020. UAL is now testing that key support again, and 3 distinct scenarios could play out. (1) Immediate upside bounce, (2) Re-test the $50 support and recover, i.e. false break-down, or (3) fail the re-test and fall into the sub-$50 range.
All scenarios end with the same target range of $57-$60, but just have different time horizons. Anyway consider placing your stops somewhere respectful of the "trap" losses at risk in scenario (2).
