DAL closes higher for the 3rd day in a row
Delta Air Lines Inc. (DAL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DAL ended Wednesday at 34.57 gaining $1.06 (3.16%), significantly outperforming the S&P 500 (-0.46%). Today's close at 34.57 marks the highest recorded closing price since June 8th. Trading up to $0.61 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on August 28th, DAL actually lost -3.56% on the following trading day. Closing above Tuesday's high at 34.48, Delta Air confirmed its breakout through the prior session high after trading up to $0.51 above it intraday.
Daily Candlestick Chart (DAL as at Sep 16, 2020):
Wednesday's trading range has been $1.80 (5.33%), that's above the last trading month's daily average range of $1.33. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DAL.
After having been unable to move lower than 33.10 in the previous session, the market found buyers again around the same price level today at 33.19.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Delta Air. Out of 552 times, DAL closed higher 55.43% 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 53.62% with an average market move of 0.78%.