Flag Pattern on Delta Airlines - Bullish breakout expected
Today we will make a Daily and a 1h analysis on Delta + the setup we will take on this asset.
Daily Chart:
On the daily chart, we can see a Clear support zone and a resistance zone. The price is above the support zone, and we can project a bullish movement towards the next zone (Resistance)
On the 4hs chart, we will understand the setup:
Here we can see a Flag Pattern above the support zone.
Flag Patterns are considered continuation structures. That means that if we have a breakout of it, we can expect a continuation of the previous trend.
Our entry-level is a stop order at 42.88 / Stop level is at 38.25 / Break-even level is at 47.01 / Take profit at 50.76
The risk-reward ratio on this setup is 1.7, and we expect a resolution of 30 days.
If the price goes below the stop level without executing the setup, we will consider that the view is no longer valid.
Thanks for reading!
Daily Chart:
On the daily chart, we can see a Clear support zone and a resistance zone. The price is above the support zone, and we can project a bullish movement towards the next zone (Resistance)
On the 4hs chart, we will understand the setup:
Here we can see a Flag Pattern above the support zone.
Flag Patterns are considered continuation structures. That means that if we have a breakout of it, we can expect a continuation of the previous trend.
Our entry-level is a stop order at 42.88 / Stop level is at 38.25 / Break-even level is at 47.01 / Take profit at 50.76
The risk-reward ratio on this setup is 1.7, and we expect a resolution of 30 days.
If the price goes below the stop level without executing the setup, we will consider that the view is no longer valid.
Thanks for reading!