Is Delta Closing in to Resistance?
Published on Tuesday, 11 December 2012 07:28 Written by TradersHuddle Wire
New York, December 11th (TradersHuddle.com) - Shares of Delta Air Lines, Inc. (NYSE:DAL) are trading very close to calculated resistance at $10.24. The stock ended the trading session at just $10.14, which is near levels that make it difficult to buy or start a position.
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.
Delta's stock range is defined by its calculated support defined at $9.50 and by the resistance level at $10.24; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Delta. However, as the stock pulls back towards $9.50 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $10.24 then traders will get an opportunity to enter the stock as it moves to a higher range.
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