DAL finds buyers at key support level
Delta Air Lines (DAL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
DAL ended the week 0.83% higher at 54.71 after losing $0.63 (-1.14%) today. Closing below Thursday's low at 55.13, the share confirms its breakout through the prior session's low having traded $1.28 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (DAL as at Aug 10, 2018):
Friday's trading range was $0.98 (1.79%), that's slightly below last trading month's daily average range of $0.99. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
After trading as low as 53.85 during the day, Delta Air bounced off the key support level at 53.98. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 54.84.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 55.72 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 53.84 where further sell stops could get activated. Trading close to June's high at 55.84 we might see further upside momentum if potential buy stops at the level get triggered.