Delta Airlines DAL-N rallied from $17.51 in 2020 to $52.28 in 2021 (A-B) above the rising 40-week Moving Average (40wMA) and then settled in a trading range mostly between $29 and $49 for about three years (dashed lines). The stock had a sharp rise above the top of the range earlier this year and became overbought (C). Delta Airlines pulled back this summer dipping briefly below the average (D) and then resumed the uptrend to a higher high confirming the breakout and the start of a new uptrend (E).
Delta Airlines is currently in the midst of another minor correction for a better entry level. There is good support near $55; only a sustained decline below the average (currently near $52) would be negative.
Point & Figure measurements provide an initial target of $69. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com