Sector Mid-Day Wrap - Arlines Higher: GOL, LCC, DAL

Published on Friday, 27 August 2010 13:10 Written by Danny Miller

New York, August 27th (TradersHuddle.com) - The NYSE Airline index is trading higher at $37.59, which represents 1.17% versus its previous close. The airline index is having a broad rally with 13 out of 13 airlines trading higher.

Gol Linhas Aereas Inteligentes (NYSE:GOL) is the top performer of the sector so far, trading at $12.79 representing 4.07%. versus the previous trading session. Shares of Gol Linhas Aereas Inteligentes, the low fare Brazilian domestic airline have defined support at $13.26 and resistance at $14.57.

US Airways (NYSE:LCC) is also among the top performers, currently trading at $8.83 representing 2.2% from its previous close. US Airways, the Phoenix based airline has calculated support and resistance levels at $8.42 and $9.83 respectively. The other top performer is Delta (NYSE:DAL), which is trading at $10.23 representing 1.84% from the previous trading session.

The sector's worst performers include JetBlue Airways (NASDAQ:JBLU) that is trading at $5.5 or 0% from the previous close. Shares of JetBlue Airways, the New York based discount airline have defined support at $5.47 and resistance at $6.15. Also among the worst performers is AMR (NYSE:AMR), which is currently trading at $5.99 representing 0% from the previous trading session.

Benchmark crude for September delivery is trading lower trading at $73.46 a barrel on the New York Mercantile Exchange lower by $-0.97 from the previous trading session. Crude prices are closely watched by traders as they usually correlate with the airline stocks, given that a big component of the airlines' cost structure is covered by the price of fuel.