UAL - trying to break a new high

United Continental (UAL) closed moderately higher for a sixth consecutive day, +0.9% @ $35.85. Near term trend is unquestionably bullish, but there is obvious resistance at the July high of $36.74.  If Oil prices keep on falling, the airlines should do well across Q4.


UAL, daily

Summary

*UAL remains one of my favourite airline stocks to follow, as it broadly represents the entire sector.
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A double top...or just an initial fail?

The transports index continues to push strongly higher, now in the 7100s. I'm guessing 7300s is viable in the near term, before the first major chance of the market pulling lower on what will probably be significant end year profit taking.

If that is the case, UAL has a fair chance of breaking above the July'24th high of $36.74. The next obvious level would be the big $40 psy' level.

Considering UAL was in the $27s this past August, that would be a massive 45% rise across just 3-4 months.

It remains an incredibly bullish market, and with lower Oil prices..the airline stocks are certainly in favour right now.