Delta Shares Grounded For Second Day In A Row

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Delta Air Lines, Inc. DAL shares were trading lower by $2.35 (5 percent) at $43.86 in Wednesday's session. After three days of nearly identical ranges, the issue breached the lower end of the trading ($46.87) and closed at $46.11.

The selling continued after a lower open with the issue not being able to even get above Tuesday's low ($46.11) before tanking to $43.35. That marks the lowest level for the issue since bottomed at $42.84 on May 6.

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Since making the low, it has been finding intraday resistance at the $44 level.

It should be noted today's decline is taking place on much heavier than average volume. So far, it has traded 13.4 million shares compared with its 20-day average of 10.8 million with more than two hours remaining in the session.