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Take-off for UAL but it could be a dangerous flight for NASDAQ:UAL by Mikey_Scali

UAL recently smacked a support level at around $48 and seems it could possible rebound to the upside. However there is very major catalysts for UAL to further within the coming weeks. Covid is still relentless as always and with the new ‘Delta variant’ proving to be more adaptive, and dangerous it could potentially impact the already suffering fundamentals of the airline industry. One thing going against the virus is the current vaccine rollout which is currently on par with expectations. This could then act as a buffer for UAL despite the new developing strains such as the delta and lambda variants.

From a technical standpoint indicators push a bullish narrative with the Bollinger bands , rsi and mean reversion being oversold signalling a buy opportunity.

Alot of support levels also were prominent where there was support level from the 32.8% Fibonacci level, linear regression aswell as the 180 day sma .

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Overall it appears like UAL has momentum to launch from its current price, possibly to $53 prior to hitting a resistance channel. However due to the nature of the company negative news sentiment will be very influentially on the stocks price so be wary.

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