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United Continental (
UAL), through its subsidiaries, provides passenger and cargo air transportation services. This stock closed up 8.1% at $33.69 on Wednesday.
Wednesday's Volume: 7.91 million
Average Volume: 3.57 million
Volume % Change: 200%
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From a technical perspective, UAL ripped higher here right off some near-term support at $31 and back above its 50-day at $32.35 with heavy upside volume. This move is quickly pushing shares of UAL within range of triggering a major breakout trade. That trade will hit if UAL manages to take out some near-term overhead resistance levels at $35 to its 52-week high at $35.27 with high volume.
Traders should now look for long-biased trades in UAL as long as it's trending above its 50-day at $32.35 or above $31 and then once it sustains a move or close above those breakout levels with volume that's near or above 3.57 million shares. If that breakout triggers soon, then UAL will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $40 to $43.