United Continental Holdings, Inc. (UAL) is making a strong upside move today giving us a bullish breakout on our Point and Figure chart. Let's check out all the charts and indicators and file a technical flight plan.
In this daily bar chart of UAL, below, we can see a huge base pattern with the January high at the top of the pattern. Higher lows can be seen from February with now higher highs.
UAL is above the rising 50-day moving average line as well as the rising 200-day line. A bullish golden cross of these two averages can be seen back in late February.
The daily On-Balance-Volume (OBV) shows an uptrend from September and its recent strength is a good confirming indicator.
The Moving Average Convergence Divergence (MACD) oscillator has been hugging the zero since March but today's strength should help to turn this indicator bullish.
In this weekly bar chart of UAL, below, we don't have today's price action plotted but use your imagination to "see" that prices are making new 2018 highs and testing the 2017 highs. UAL is above the rising 40-week average line.
The weekly OBV line is now edging higher. The weekly MACD is positive but should also improve with the rally this week.
In this Point and Figure chart of UAL, below, we can see the breakout over the early 2018 high for a double top breakout and a potential price target of $100.65.
Bottom line: UAL is lifting off and if you want to go long do it around $78 risking below $72 for now. $100 is our round number price target.