DAL closes within previous day's range after lackluster session

Delta Air Lines (DAL) Technical Analysis Report for Sep 14, 2018

Highlights

DAL runs into sellers around 58.33 for the third day in a row
DAL unable to break through key resistance level
DAL closes higher for the 2nd day in a row
DAL still stuck within tight trading range
DAL closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, DAL finished the week 1.88% higher at 57.93 after gaining $0.11 (0.19%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. 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 $0.70 (1.21%), that's below last trading month's daily average range of $1.01. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 56.82 and 58.46 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 58.18, the market closed below it after spiking as high as 58.33 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. The stock ran into sellers again today around 58.33 for the third trading day in a row after having found sellers at 58.25 in the prior session and at 58.38 two days ago.

Trend

Though Delta Air is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 58.46 where further buy stops might get activated.

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

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