It would be nice to say that all the airlines were flying high, but United Continental (UAL) is stuck at the gate.
UAL peaked at the beginning of the year, see chart above, and declined to a low in June. The June low of $50 has been tested and retested the past five months. Rallies off these lows have petered out around $60, give or take. The On-Balance-Volume (OBV) line and volume spiked in early September, but prices and volume have been unable to have a sustained follow-through.
This longer-term view of UAL in the chart above shows a respectable rally in 2013 and 2014, but prices peaked and the OBV line flattened out. We look for the $50 support level in UAL to hold, but we don't expect to leave the gate until prices can clear their September highs around $62 and volume can expand on days when UAL closes higher.