Atlas Air Worldwide (AAWW) Fails To Breakthrough $73 Level

Atlas Air Worldwide Holdings, Inc. engages in the provision of outsourced aircraft and aviation operating services. It operates through the following segments: ACMI, Charter, and Dry Leasing. 

Take a look at the 1-year chart of Atlas (NASDAQ: AAWW) below with the added notations…

Chart of AAWW provided by TradingView

AAWW has formed an important level of resistance at the $73 mark (blue) over the most recent weeks. That same $73 resistance was also support back in February, simply adding validity to the importance of that price.

The Tale of the Tape: AAWW has a key level at $73. A trader could enter a long position on a break above that level with a stop placed below it. However, if traders are bearish on the stock, a short trade could be made on a rally up to $73 instead.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT 


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