Delta faces mounting operational and regulatory headwinds that threaten to derail its recent rally to multi-year highs. The Caribbean airspace disruptions exposed vulnerability to geopolitical events, while the proposed $4.49B industry-wide radio altimeter upgrade represents significant unexpected capex pressure. With the stock at $72.31 near its peak of $71.66 and trading above analyst consensus targets, momentum indicators suggest exhaustion after a 51.82% six-month rally, creating an attractive short entry as operational disruptions and cost pressures accumulate.