Alaska Air Group (ALK) has rallied from a June low to new highs and the path is still pointed north.
In this one-year daily chart of ALK, below, we see a number of uptrends. There is one short uptrend at the beginning of 2016 followed by a leg lower. From late June there is an uptrend to the end of October where prices move gradually higher. From early November until now there is a sharper uptrend. Prices are above the rising 50-day moving average line and the rising 200-day moving average.
Volume is a little heavier in June and July around the low but it is unremarkable the rest of the time. Thank goodness the On-Balance-Volume (OBV) line rises to confirm the advance. Momentum is slowing from November to January but this divergence may not result in much of a pullback.
In this three-year weekly chart of ALK, below, we can see that prices broke out of a broad sideways pattern around $85. ALK is above the rising 40-week moving average line. The weekly OBV line shows a strong uptrend and the kind of accumulation or aggressive buying we like to see to maintain a healthy uptrend.
The trend-following Moving Average Convergence Divergence (MACD) oscillator is very bullish.
This Point and Figure chart of ALK, below, shows the breakout around $85 and the breakout at $92. The next possible upside price objective for ALK using the measuring technique for this kind of chart yields a target of $114.