DAL bullish flag above previous resistance
DAL had been a great trending stock for a couple of years but the 2014 correction was extremely deep (by the standards of this stock).
More recently the June 2014 high was broken but price remained fairly indecisive just above it for a few weeks. Staying above the previous resistance, however, is far superior to dipping below, so this was the first suggestion that the uptrend could resume. The breakout on 28th November did not hold, followed by another on 5th December which also resulted in a small pullback.
Yesterday's bar was far more convincing - a larger, bullish candle on higher volume confirmed the flag formation. But with the $50 half-figure approaching I will hold off on DAL for now (plus I'm already in LUV, another airline).
More recently the June 2014 high was broken but price remained fairly indecisive just above it for a few weeks. Staying above the previous resistance, however, is far superior to dipping below, so this was the first suggestion that the uptrend could resume. The breakout on 28th November did not hold, followed by another on 5th December which also resulted in a small pullback.
Yesterday's bar was far more convincing - a larger, bullish candle on higher volume confirmed the flag formation. But with the $50 half-figure approaching I will hold off on DAL for now (plus I'm already in LUV, another airline).
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Twitter: twitter.com/dynamictrader
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