Delta is Near a Key Support Area
Published on Monday, 11 June 2012 07:28 Written by TradersHuddle Wire
New York, June 11th (TradersHuddle.com) - Shares of Delta Air Lines, Inc. (NYSE:DAL) ended the trading session close to calculated support at $10.11, a level that will raise the attention of traders looking for an entry point.
Delta's stock range is defined by its calculated support defined at $10.11 and by the resistance level at $12.25. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to Delta's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $12.25 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Delta Air Lines, Inc. closed at $10.38 in the prior trading session.Delta Air Lines, Inc. (NYSE:DAL) provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally. The company has major hubs in Atlanta, Cincinnatti, Detroit, Salt Lake City, New Jork, Tokyo and Amsterdam.
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