Delta Air Lines (DAL) has soared up the rankings in the SIA S&P 500 Index Report over the last month, climbing 294 positions to 84th place, including a rise of 22 spots yesterday. DAL has exited the red zone and returned to the Green Favored Zone for the first time since May of 2022. A major breakout is underway in Delta Air Lines (DAL) shares. Rallying up off of a higher low near $31.00, which established that a new uptrend was starting, DAL has rallied up through its February peak near $39.50 and has snapped out of a long-term downtrend.
Previous peaks suggest potential resistance near $46.00 or $52.00. Resistance may also appear near $48.00 based on a measured move, or the $50.00 round number. Initial support appears at the $39.50 breakout point.
Delta Air Lines (DAL) has been base building since it bottomed out back in October, but it now appears that a new uptrend is getting underway in earnest. In the last month, the shares have launched up off of a higher low, completed bullish Double Top and Spread Double Top breakouts, and snapped a long-term downtrend line dating back to the pre-pandemic peak back in early 2020.
Upside resistance tests appear near $45.00 based on previous column highs, $46.80 based on a horizontal count, $48.70 based on a vertical count, and then the $50.00 round number. Initial support appears near $37.60 based on a 3-box reversal.
With a bullish SMAX score of 9, DAL is exhibiting strength against the asset classes.
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