Delta Airlines - DAL - Downtrend - Failing at Key Hidden Support
Notice how well DAL acts around the "key hidden levels" from earnings release. I highlighted in red circles where there were many key trade setups on a retracement to the green lines, which I call "key hidden levels".
What I see happening here is DAL is potentially failing to hold key support at 35.80 that has been tested twice already in the July selloff: first on a major gap down (where I had suggested to cover shorts) and again two days later. DAL looks ready to move lower to 32 where I see it taking several attempts to bounce off of it.
I view risk as a stop at $37 and a re-short at $38.40 strong resistance. Look to cover at $32.50-$32 over the course of August. Note that Gambling stocks are moving lower and airline stocks often follow Gambling stocks, with a lag.
Tim 11:23PM EST 8/7/2014 35.61 last DAL
***Subscribe to "KEY HIDDEN LEVELS" in the "indicators: marketplace add-ons" window to have the earnings triangles and support/resistance lines plot automatically.
What I see happening here is DAL is potentially failing to hold key support at 35.80 that has been tested twice already in the July selloff: first on a major gap down (where I had suggested to cover shorts) and again two days later. DAL looks ready to move lower to 32 where I see it taking several attempts to bounce off of it.
I view risk as a stop at $37 and a re-short at $38.40 strong resistance. Look to cover at $32.50-$32 over the course of August. Note that Gambling stocks are moving lower and airline stocks often follow Gambling stocks, with a lag.
Tim 11:23PM EST 8/7/2014 35.61 last DAL
***Subscribe to "KEY HIDDEN LEVELS" in the "indicators: marketplace add-ons" window to have the earnings triangles and support/resistance lines plot automatically.
Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
