DAL finds buyers at key support level


Delta Air Lines (DAL) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
DAL finds buyers at key support level
DAL breaks below previous session low
DAL ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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 chart for DAL
Volatility

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.

Support/Resistance

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.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Delta Air Lines
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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