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Steve Strazza

Director Gangwal Reports a $107 Million LUV Buy

October 3, 2024

The most notable insider activity on today's list comes via a Form 4 filing by Southwest Airlines Co $LUV director Rakesh Gangwal.

Gangwal, also the co-founder of IndiGo airline, reported a LUV purchase with a total value of $107 million.

Here’s The Hot Corner, with data from October 2, 2024:

241003_hot_corner_table

Control Empresarial de Capitales S.A. de C.V. bought $1,696,623 in PBF Energy $PBF shares in its latest Form 4.

Last but not least, director Nicholas Schorsch revealed a purchase of $840,000 in Global Net Lease $GNL.

LUV has built a massive topping formation for over a decade.

However, the pattern has not been completed, as price is bouncing at the lower end of the range, with buyers actively defending this key support level:

241003_hot_corner_luv

The path of least resistance doesn't point lower for LUV until bears push prices below the former 2020 lows.

Stay tuned. We'll be back on Friday with more insider activity.

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