The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Southwest Airlines (LUV) Technical Analysis

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Summary:
Weekly :Overbought sectorStochastic has declined below the signal lineBroken trend resistance lineBroken trend support line
Daily :The price has fallen below the Parabolic SARRelative Strength Index oversoldWilliams' Percentage Range and Lane's Stochastic are strongly oversoldPrice has crossed below the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically far apart
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It was the negative week for the Southwest Airlines (LUV). During the week, the LUV dropped -5.91 points, or -17.25%, and closed at 28.35 on Friday, March 15, 2024. Weekly volume was 125% above average.

LUV is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See LUV long-term trend chart]
A long-term downtrend had started on April 14, 2021 at 64.75 and reached 21.91 on November 1, 2023. LUV lost 42.84 points, or 66.16%, in 133 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (18.38) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See LUV medium-term trend chart]
A medium-term uptrend had started on November 1, 2023 at 21.91 and reached 35.18 on February 22, 2024. LUV gained -13.27 points, or -60.57%, in 16 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (33.61) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. LUV may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See LUV weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See LUV short-term trend chart]
A short-term downtrend had started on February 22, 2024 at 35.18 and reached 27.76 on March 14, 2024. LUV lost 7.42 points, or 21.09%, in 21 days. The price is now at the 7.95% retracement level.

Daily Technical Indicators: [See LUV daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. Use the following links to access Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is below its signal line since February 29, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (33.3%) is close to one year high (27.99%). It is 110.86% higher then one year average. It indicates the period of high volatility of the stock price, and it is considered a sell signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 16.89
Oversold
Williams' Percentage Range (W%R) 96.50
Strong Oversold
Lane's Stochastic (%D-Slow) 8.14
Strong Oversold
Greed/Fear Indicator (GFI) 9.51
Strong Oversold
Moving Average Converg./Diverg. (MACD) 0.21
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 47.41
Williams' Percentage Range (W%R) 54.00
Lane's Stochastic (%D-Slow) 76.92
Greed/Fear Indicator (GFI) 57.32
Moving Average Converg./Diverg. (MACD) 0.22
Trading Signals
Description Value Chart
Upper Bollinger Band 36.67
Monthly Trendline Support 33.61
Parabolic System 33.40
Weekly Stochastic Crossing 33.17
20 Day Moving Average 33.06
50 Day Moving Average 31.50
Price 28.35
Daily Stochastic Crossing 28.10
Lower Bollinger Band 27.23
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Airlines 58
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 35.05
High Date 03/08/2024
Low 27.76
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 35.18
High Date 02/22/2024
Low 27.76
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 36.74
Support 33.61
Low 21.91
Low Date 11/01/2023
High 35.18
High Date 02/22/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 21.85
Support 18.38
High 64.75
High Date 04/14/2021
Low 21.91
Low Date 11/01/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 66.99
High Date 12/21/2017
Low 21.91
Low Date 11/01/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.