Air Canada chart for follower, JJ Kim. Price has fallen roughly -75% from the all time high in February as global airline stocks have taken an exceptionally hard hit during the coronavirus pandemic as global air travel has witnessed an extreme drop off as countries across the globe shut borders and restrict travel.
Price is currently testing and holding at the 78.6% Fibonacci level of the total range from the 2009 low to the 2020 high. The 78.6% Fib level represents a -78.6% pullback within the total Fib range. As long as price is trading below the 61.8% Fib level the price trend will remain bearish. Best move here is to wait and see if price can regain the 61.8% Fib level before buying, and from there a move back above the 50% fib level is needed in order for price to regain a positive trend. In the immediate short-term, price needs to hold above the 78.6% level to prevent further losses.
Price is currently testing and holding at the 78.6% Fibonacci level of the total range from the 2009 low to the 2020 high. The 78.6% Fib level represents a -78.6% pullback within the total Fib range. As long as price is trading below the 61.8% Fib level the price trend will remain bearish. Best move here is to wait and see if price can regain the 61.8% Fib level before buying, and from there a move back above the 50% fib level is needed in order for price to regain a positive trend. In the immediate short-term, price needs to hold above the 78.6% level to prevent further losses.
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