This Airline Stock Is Going Down
InTheMoneyStocks.com | Nov 14, 2017 01:20PM ET
Delta Air Lines (NYSE:DAL) has been pulling back since mid October when it traded as high as $54 a share. Today, DAL is trading around $49, which is below the important 50- and 200-day moving averages. And that tells me that the stock is in a weak technical chart position. Traders must now look lower for major chart support.h3 Buy Here/h3
One lower level that catches my eye is the $45.50 area, which is where was defended in early September and will most likely be defended again when retested. I'd buy DAL around $45.50 with a stop loss under $44 on a weekly chart close. This trade setup should present a solid risk/reward opportunity with upside around $56.
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