Stock Analysis: DAL
Big Picture
Price action has been climbing off the lower low of March 7th; currently in sideways consolidation with a series of large bullish engulfing candles.
Price action has run into our 42.71 resistance area. Price needs to break above the Feb 14th high to make a higher high.
As we breakdown the price action layers we see that the price ran into our supply area after a series of two gaps. I would be expecting some retracement back towards the 41.50 - 41.00 based on the psychology of the candles.
38.68 would be the ideal downside target and that would also close some of the recent gaps; however leaving one open around the 33 area.
Could be setting up for some short positions. Despite the economy opening up and the mass assumption that 'demand' will be of major significance it throws caution to the wind that 'some' may decide to utilize other means of transportation; especially with the continuous rounds of flight delays and cancellations due to staffing shortages, hours of waiting on the phone to speak to someone, inflation continuing to climb, and incomes being tested with everything around them slowly eating into their buying power. This may also cause some families to put off vacations in general to a later time or reduce the duration of travels, etc.
There could be some shorting opportunities on both intraday and swing day outlooks within the ranges above; feel free to annotate your charts
Distance between Price and Moving Averages:
SMA20
SMA50
SMA200
Price action has been climbing off the lower low of March 7th; currently in sideways consolidation with a series of large bullish engulfing candles.
Price action has run into our 42.71 resistance area. Price needs to break above the Feb 14th high to make a higher high.
As we breakdown the price action layers we see that the price ran into our supply area after a series of two gaps. I would be expecting some retracement back towards the 41.50 - 41.00 based on the psychology of the candles.
38.68 would be the ideal downside target and that would also close some of the recent gaps; however leaving one open around the 33 area.
Could be setting up for some short positions. Despite the economy opening up and the mass assumption that 'demand' will be of major significance it throws caution to the wind that 'some' may decide to utilize other means of transportation; especially with the continuous rounds of flight delays and cancellations due to staffing shortages, hours of waiting on the phone to speak to someone, inflation continuing to climb, and incomes being tested with everything around them slowly eating into their buying power. This may also cause some families to put off vacations in general to a later time or reduce the duration of travels, etc.
There could be some shorting opportunities on both intraday and swing day outlooks within the ranges above; feel free to annotate your charts
Distance between Price and Moving Averages:
SMA20
- 11.02%
SMA50
- 9.91%
SMA200
- 6.18%
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