The idea here isn't very difficult to understand. DAL has made a run up from $35.51 on August 8th, where we saw a bounce off the 150EMA, a personal favorite area to get long for me, especially looking at the weekly chart for this. Anyways, from the top down:
1) Bullish RSI Holding 60 Support 2) Established Uptrend - Long Term 3) Bounce off 150 EMA 4) Long $4.46 move straight up through all EMA(8/21/50), through resistance, and consolidating above. 5) Broken Downtrend 6)Weekly Uptrend Is Beautiful - Right At EMAs (8/21) (My Screen Is Too Small To Pull Up Both Simultaneously)
Cons:
1) MACD Is Positive 2) Momentum Tapering As We Consolidate
I like the chart, and like what I see. I'm getting long here. Possibly with a covered call, but maybe something else. Not sure what other plays are available with such low volatility, but the verticals and diagonals are getting old.
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