DAL has surged 30.6% YTD and 19% in just one month, reaching $90.65 at a technically extended level with no defined overhead resistance — a classic setup for mean reversion. The primary fuel-cost tailwind from the Iran sanctions unwind is already fully priced in by the market, with jet fuel spot prices having collapsed ~42% from April peaks, meaning the incremental positive surprise is exhausted. Compounding this, unresolved operational headwinds — elevated cancellation rates, Safran premium cabin delays, and a near-miss safety investigation at Boston Logan — create asymmetric downside risk from current elevated levels.