Delta Air Lines (NYSE:DAL) is trading lower by $1.22 to $54.75 a share. The stock is now breaking a key consolidation formation, which could signal further downside in the near term. Very often, when a bullish chart pattern fails, it leads to a decent decline in the stock price.
Support To Watch
Traders should now watch for important daily chart support around the $50.00 area, which is where the 200-day moving average is sitting. From the current price point in DAL, the 200-day moving average will serve as major chart support when initially tested. I will be looking to trade DAL on the long (buy) side around this level.