Bulls Gaining Control of US Airways
Published on Wednesday, 06 March 2013 00:15 Written by TradersHuddle Wire
New York, March 6th (TradersHuddle.com) - Shares of US Airways Group, Inc. (NYSE:LCC) ended the trading session higher by $0.05 or 0.32% from its previous close. US Airways' price action in the session formed what is considered to be a Hammer, where bears drove prices lower intraday. However, the strong finish indicates that bulls regained control, forming a trend reversal.
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.
US Airways' stock has been trading in a well defined range with calculated support at $12.70 and resistance at $14.07. This range can be used by traders to plan their next moves.
Traders wanting to establish a position in US Airways or traders that are already holding the stock can use the hammer formation to their advantage, since the pattern signal a potential bullish trend reversal.
The Hammer is an important candlestick pattern, as it can mark bottoms and support levels. Further buying pressure, and preferably on expanding volume, is needed before acting, as heavy volume will serve to confirm the validity of the reversal.
In the case of US Airways, traders who want to add to their positions or start a new position, need to watch for confirmation of the reversal. Below a Hammer illustration:
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