UAL retested long-term resistance

UAL has not been in the best of trends although it has been heading up since the 2009 low. The monthly ranges can be large, which makes it difficult to trade.

September 2014 saw price fakeout above the 2007 high so another deep pullback was not unexpected.

More recently, however, price again broke above the resistance and this time has stayed above. There was a small flag, the base of which retested $51.60. On 3rd November the flag was confirmed and yesterday (4th November) we had a gap up on higher volume.

Unfortunately the breakout bar was not a bullish one (potential shooting star) so we could see the gap filled. Otherwise short-term there is a buy possibility.