I will show you a chart on WestJet....If you were conversant in charting you would not have made that recent purchase.
http://stockcharts.com/h-sc/ui?s=WJA.TO&...
See how that Slow Stochastic was in decline since November...the MACD was similarly in decline...in January you see the BBwidth rise ans the other two indices were falling.
This was very bearish and as such you received a warning that things were not great and you would have postponed that purchase.
http://stockcharts.com/h-sc/ui?s=WJA.TO&...
this is also a very bearish chart since November....so the signs for bad times were there for WestJet
the Air Canada chart was better
http://stockcharts.com/h-sc/ui?s=AC/A.TO...
until the last 4 days actually ...now it is following all other stocks across the board in decline
http://stockcharts.com/h-sc/ui?s=AC/A.TO...
this WAS a good looking chart for AC but I would not advise you switch to Air Canada as this chart is very bearish right now with more losses to come.
The problem is the fall of the value of the Canadian dollar...I believe that their costs have grown as a result as they buy fuel and such when they go across the border into the USA...that and unease in Asian markets.
I like WestJet....much more than Air Canada....when the dust settles WestJet will rise again....but if you were looking for a quick profit....ain't gonna happen IMHO
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Adam, I don't know about that particular stock, but if you are into that sector, I would recommend something more on the lines of American Airlines (AAL) or Delta Airlines (DAL) or in the Canadian stock market Air Canada (AC.B) is looking great, especially on the dip. All in all, these 3 stocks are probably your best bets in the airlines sector.
I just bought a big portion and then it dropped. General news seems to be that the weak dollar is causing worry about earnings in the future. If they report higher than street expectation will the stock go backup? The reporting is on Feb 4 if that matters.
