Published on Thursday, 23 August 2012 07:12 Written by TradersHuddle Wire

New York, August 23rd (TradersHuddle.com) - Delta Air Lines, Inc. (NYSE:DAL) closed the trading session at $9.53, near its 200 day moving average set at $9.77. Delta's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.

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.

Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $8.97 and resistance at $9.93. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Delta.

If traders want to establish a position on Delta, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.