DAL rallies, gaining $1.49 (2.48%) within a single day on high volume
Delta Air Lines Inc. (DAL) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DAL finished the week 5.03% higher at 61.65 after surging $1.49 (2.48%) today on high volume, significantly outperforming the S&P 500 (0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on June 4th, DAL gained 1.16% on the following trading day. Today's close at 61.65 marks the highest recorded closing price ever. Closing above Thursday's high at 60.79, the market confirmed its breakout through the previous session high after trading up to $1.45 above it intraday.
Daily Candlestick Chart (DAL as at Jul 12, 2019):
Friday's trading range has been $2.22 (3.69%), that's far above the last trading month's daily average range of $1.04. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DAL.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since Monday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 57.59 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Delta Air. Out of 84 times, DAL closed higher 60.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.90% with an average market move of 1.50%.