ALASKA AIR GROUP INC is setting up nicely for a breakout.

Our stock screener has detected a potential breakout setup on ALASKA AIR GROUP INC (NYSE:ALK). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:ALK.

What is the technical picture of NYSE:ALK telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, ALK scores 7 out of 10 in our technical rating. Although ALK is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• ALK is part of the Passenger Airlines industry. There are 24 other stocks in this industry. ALK outperforms 82% of them.
• In the last month ALK has a been trading in the 42.11 - 45.02 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When compared to the yearly performance of all other stocks, ALK outperforms 48% of them, which is more or less in line with the market.
• ALK is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so ALK is lagging the market.

For an up to date full technical analysis you can check the technical report of ALK

How does the Setup look for NYSE:ALK

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:ALK is 9:

Besides having an excellent technical rating, ALK also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 43.70, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.