Delta Is Trying to Hold a Key Level

2023年7月26日

Delta Air Lines rallied in June as travel recovered leading into the summer. Now after a period of consolidation, some traders may look for the uptrend to continue.

The main pattern on today’s chart is the $46.30 level, the high during all of 2022. DAL broke above it after raising guidance, tested it on July 14 after reporting results and is trying to hold it again this week. Successfully bouncing here could suggest old resistance has become new support.

Second, current prices are at the lower Bollinger Band. That volatility-based range may suggest that odds favor a move higher.

Third, the stochastics oscillator is nearing oversold territory.

Finally, time could be a consideration. DAL has gone four weeks since breaking out. That healthy pause with virtually no profit-taking may suggest buyers remain in the pilot’s seat.

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