United (UAL) poised for a breakout?

23 May 2023

United looks poised for a breakout. It continues to use the more recent support level at about $40.54 to rebound and head upwards. It has been moving mostly laterally but also has been making progress upwards. Based on it RSI (64.67) and its D+ line crossing over the D- line and the ADX beginning to slope upwards to show that the trend is gaining momentum, the technical indicators show that it is poised for a breakout. That is just the technical side of it; today, their CEO talked about how they were investing over $8 billion and that they have set multiple days with record travel in the month of June. That coupled with a price to earnings ratio of 8.15 and its good technicals show that it will breakout in the near future. I will be taking a long position and recommend you do the same as well.