Delta Finds Resistance At The $44.50 Area For Fourth Day In a Row

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Delta Airlines
DAL
shares are trading lower by $0.38 at $43.40 in Tuesday's session. An upgrade from Buy to Hold by Deutsche Bank analyst, Michael Linenberg, with a $50 price target has failed to ignite a rally. Instead the issue has found resistance in the same area as it had in its previous three trading session. On Thursday, it peaked at $44.35. on Friday at $44.30, reached $44.60 on Monday and found willing sellers in between those levels at $44.46 in today's session. Since being unable to breach that major resistance, it has retreated to $43.40 and is not far from that level. That Delta below its lows from Friday( $43.41) and Monday ($43.54). If the decline continues the next identifiable support level may not come in from until its August 27 low ($42.77).
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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