The charts suggest that the uptrend in this airline stock may just be beginning

Welcome to the Extreme Investor Network blog, where we provide unique insights and actionable ideas to help you navigate the world of investing. While many investors are focusing on growth sectors, we believe there are hidden gems in value-oriented areas of the market that can offer great returns.

One sector that has been quietly outperforming is the Industrial Select Sector SPDR (XLI), which has shown a 2% outperformance over the Nasdaq 100 ETF so far in 2024. Our weekly scan for new swing highs has uncovered some exciting opportunities in the industrial sector, particularly in the airlines group.

Let’s take a closer look at the chart of the US Global Jets ETF (JETS) and Alaska Air Group (ALK). After a turbulent period in 2023, JETS has shown strong momentum in 2024, with a pattern of higher lows and the RSI indicating a solid uptrend. ALK, on the other hand, has recently broken above key resistance levels and could be on the cusp of a major uptrend, with an initial target at the 61.8% Fibonacci retracement level.

Related:  Everything you need to know about Monday's market news on Wall Street

Our analysis suggests that both JETS and ALK could be poised for significant upside potential in the coming months. While short-term pullbacks may occur, we believe that these stocks are just getting started on their bullish trajectories.

Stay tuned to Extreme Investor Network for more unique insights and actionable investment ideas. Remember, investing involves risks, and it’s important to do your own research or consult with a financial advisor before making any decisions. Check out our full disclaimer for more information. Happy investing!

Source link

Leave a Comment