US Airways Breaking Out?

Published on Friday, 03 September 2010 06:52 Written by Danny Miller

New York, September 3rd (TradersHuddle.com) - Shares of US Airways Group, Inc. (NYSE:LCC) closed the trading session at $9.65 just above calculated resistance at $9.53 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 $8.40 and resistance at $9.53, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that US Airways' stock is still near the broken resistance level, traders will be focusing on $9.53 to see if the stock holds the breakout without rolling over.