Upcoming Earnings:
Delta Air Lines, Inc. (ticker: DAL) is scheduled to report earnings before the market opens on 10 October. The consensus earnings per share (EPS) estimate for the fiscal quarter ending September 2024 is US$1.56. The reported EPS for the same quarter a year prior was US$2.03.
Ichimoku Cloud Within Touching Distance
DAL has been trending higher since establishing a double-bottom pattern from US$37.15 in August this year. The most recent correction from highs of US$52.45 – levels not seen since May – has been relatively abrupt and hauled the stock below the Ichimoku Conversion and Base Lines at US$49.39 and US$50.06, respectively.
However, although this is the first time since August that price has convincingly traded beneath the Conversion/Base Lines – considered bearish – the Ichimoku Cloud Support is nearby. This can offer traders a support area to work with, particularly in trending markets; the Ichimoku Cloud consists of the Leading Span A (light green at US$49.72) and the Leading Span B (light orange at US$48.85).
Also of note on this chart is the support level of US$47.61, which intersects with the Ichimoku Cloud.
Price Direction?
Given the immediate trend, and in view of the support from US$47.61 and the neighbouring Ichimoku Cloud, this could be a stock that prompts interest.
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