timwest
Short

Delta Airlines - DAL - Downtrend - Failing at Key Hidden Support

NYSE:DAL   DELTA AIR LINES INC
293 0 3
Notice how well DAL acts around the "key hidden levels" from earnings release. I highlighted in red circles where there were many key trade setups on a retracement to the green lines, which I call "key hidden levels".

What I see happening here is DAL is potentially failing to hold key support at 35.80 that has been tested twice already in the July selloff: first on a major gap down (where I had suggested to cover shorts) and again two days later. DAL looks ready to move lower to 32 where I see it taking several attempts to bounce off of it.

I view risk as a stop at $37 and a re-short at $38.40 strong resistance. Look to cover at $32.50-$32 over the course of August. Note that Gambling stocks are moving lower and airline stocks often follow Gambling stocks, with a lag.

Tim 11:23PM EST 8/7/2014 35.61 last DAL

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