Nick Santiago
InTheMoneyStocks
Thursday, October 3, 2019
Here’s The Gann Trade Level For Delta Air Lines $DAL
Delta Air Lines Inc (NYSE:DAL) was crushed yesterday after it raised its FY19 unit cost outlook to +2% from +1%. The shares plunged lower by nearly 5.0% on the news and are currently trading around $52.97 a share. Traders should note that DAL stock is now below its important 200-day moving average. This is viewed as a negative technical position on the charts and often signals lower prices will follow. The stock peaked on July 24, 2019 at $63.43 a share. So according to my Gann calculations this tells me that major support for the stock will be around the $47.50 area. At that time, I will look to initiate a long side position in the stock. Delta Air lines reports earnings on October 10, 2019 before the open.
