Delta Finds Resistance At The $44.50 Area For Fourth Day In A Row
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Delta Air Lines, Inc. (NYSE: DAL) shares were trading lower by $0.38 at $43.40 in Tuesday's session. An upgrade from Buy to Hold by Deutsche Bank with a $50 price target has failed to ignite a rally.
Instead the issue has found resistance in the same area as it had in its previous three trading sessions:
On Thursday, it peaked at $44.35
On Friday at $44.30
On Monday at $44.60
It has found willing sellers in between those levels at $44.46 in today's session
Since being unable to breach that major resistance, it has retreated to $43.40 and is not far from that level. If the decline continues, the next identifiable support level may not come in until its August 27 low ($42.77).
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