Saturday, June 20, 2015

$DAL gaps up from major support to the next support/resistance level

  • Traded around major support at $40.39 for 9 bars
  • Gaps to $41.99 which was resistance and is now support
  • Next resistance level is $43.47
  • A 1-to-3 risk reward ratio exists at the current price of $41.99, stop loss at $41.49, and profit target at $43.47
  • The stop is tight since $DAL is below the cloud
  • A trailing stop at $0.49 can be used to ride the upward trend
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