UAL is Not Benefiting from Lower Crude Oil

One thing is for sure today, that weaker Crude Oil off of its recent recovery high at %1.67 (June 9) has NOT (yet) proved beneficial to United Continental Holdings, Inc. (UAL), which has violated key support at 43.60 and is heading for a full-fledged test of its Jan low at 42.17.

My pattern work argues that UAL will break 42.17 in route to a press towards a probe of its down-channel boundary line off of the Jan 2015 high, which cuts across the price axis in the vicinity of 38.50.

With Oil under pressure, UAL is taking its "marching orders" from overall market weakness, which warns us to be prepared for additional UAL pressure in the absence of an upside reversal in SPX-- despite the friendly action in Oil.

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