US Airways: Bulls taking control?
Published on Monday, 20 August 2012 04:24 Written by TradersHuddle Wire
New York, August 20th (TradersHuddle.com) - Shares of US Airways Group, Inc. (NYSE:LCC) ended the trading session higher by $0.09 or 0.91% from its previous close. US Airways' price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.
US Airways Group, Inc. (NYSE:LCC) is an air carrier that transports passengers, property, and mail. The Company provides regularly scheduled service at airports in the United States, Canada, Europe, the Caribbean, and Latin America. The airline operates with major hubs in Phoenix, Charlotte and Philadelphia.
Traders looking for an entry in US Airways can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.
Traders look for tweezer bottoms, as they provide an entry with a small defined risk. They are a leading indicator that provide an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce. Below an example of a Tweezer Bottom reversal pattern:
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