New York, July 25th (TradersHuddle.com) - Shares of US Airways Group, Inc. (NYSE:LCC) closed the session at $11.59 well below calculated support at $12.88. Price action placed the stock in oversold territory as investors and money managers moved out of their positions.
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 was trading in a well defined range with support at $12.88 and resistance at $14.51, prior to its decline. When the stock broke calculated support, it sparked the current down draft, which has shown how traders move out their positions in the stock.
From a technical perspective, the US Airways stock is in severe pain, as the harsh sell-off could place a heavy burden on buyers, who as they look to get their money back, might generate a price dynamic where buyers will become sellers as the bounce materializes. It can be expected that previous support will become resistance, as a new range gets defined. The maximum move for the stock should be calculated to return to previous support at $12.88. Traders wanting to play an oversold bounce in US Airways, by establishing a long position, would need to wait for evidence of buying at a specified area.
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