Delta Air shares gain for a second session in a row on Monday, airline cancels 800 flights because of tropical storm Irma

The second-largest airline in the United States by passenger traffic, Delta Air Lines Inc (DAL), said that 800 flights were to be canceled on September 11th, as the Hurricane Irma is expected to reach the Atlanta airport. Categorized as one of the fiercest hurricanes registered in the Atlantic, Irma has already hit Florida with winds of up to 70 miles per hour, or 110 km per hour.

Delta Air shares closed higher for a second consecutive trading session on Monday. It has also been the steepest daily surge since September 6th. The stock went up 2.89% ($1.37) to $48.82, after touching an intraday high at $49.21, or a price level not seen since August 17th ($50.15). In the week ended on September 10th the shares of the transportation company lost 0.15% of their market value compared to a week ago, which marked the fourth drop in the past five weeks, but yet, it has been the smallest retreat since the week ended on April 2nd. The stock has extended its advance to 3.45% so far during the current month, following a 4.40% slump in August. The latter has been a second consecutive month of losses. For the entire past year, Delta Air shares retreated 2.96%. The stock has dipped 0.75% so far in 2017.

“Hurricane Irma is expected to bring to the Atlanta hub strong crosswinds that exceed operating limits on select mainline and regional aircraft”, Delta Air said in a statement yesterday, cited by Reuters. The airline also said it intended to resume its operations at airports across Florida.

Meanwhile, Delta’s competitor, American Airlines Group Inc, said during the past weekend that commercial flights at its Miami International Airport hub were not to be resumed at the start of the new week.

According to CNN Money, the 17 analysts, offering 12-month forecasts regarding Delta Air’s stock price, have a median target of $66.00, with a high estimate of $80.00 and a low estimate of $54.00. The median estimate is a 35.19% surge compared to the closing price of $48.82 on September 11th.

The same media also reported that 15 out of 19 surveyed investment analysts had rated Delta Air’s stock as “Buy”, while 1 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Delta Air stock are presented as follows:

R1 – $48.94
R2 – $49.05
R3 (Range Resistance – Sell) – $49.17
R4 (Long Breakout) – $49.51
R5 (Breakout Target 1) – $49.92
R6 (Breakout Target 2) – $50.10

S1 – $48.70
S2 – $48.59
S3 (Range Support – Buy) – $48.47
S4 (Short Breakout) – $48.13
S5 (Breakout Target 1) – $47.72
S6 (Breakout Target 2) – $47.54

By using the traditional method of calculation, the weekly levels of importance for Delta Air Lines Inc (DAL) are presented as follows:

Central Pivot Point – $46.61
R1 – $48.64
R2 – $49.82
R3 – $51.85
R4 – $53.87

S1 – $45.43
S2 – $43.40
S3 – $42.22
S4 – $41.03