Whilst the main market closed flat, United Continental (UAL) significantly declined - no doubt due to relentlessly rising Oil prices, closing -3.9% @ $30.74. Near term looks weak, and if the H/S formation is correct, the 200 day MA will be tested within the next few weeks.
With WTIC Oil on the edge of breaking into the $107s, the Airline stocks are starting to feel the pain.
Today's decline was an important close below the daily 10MA, but even more so, it was another trading day below the important 50/100 day MAs
It would appear UAL has a very significant chance of testing the 200 day MA (still rising) in the 26s, within the next few weeks - certainly by end August.
If UAL fails to hold the 200 day, then there is a very significant risk of losing all the gains since last November, when UAL was battling to break into the $20s.