Airline Stocks Mid-Day Round Up - Lower: UAUA, AMR, CAL

Published on Monday, 30 August 2010 13:10 Written by Gerard Lerod

New York, August 30th (TradersHuddle.com) - The NYSE Airline index is trading lower at $38.19, which represents -0.03% versus its previous close. The airline index is having widespread weakness with 3 out of 13 airlines trading higher.

UAL (NASDAQ:UAUA) is the top performer of the sector so far, trading at $21.01 representing 2.74%. versus the previous trading session. Shares of UAL, the owner and operator of the Chicago baed airline and member of the Star Alliance have defined support at $19.09 and resistance at $22.12.

AMR (NYSE:AMR) is also among the top performers, currently trading at $6.16 representing 1.99% from its previous close. AMR, the owner and operator of the 2nd largest U.S. based airline and founder member of the Oneworld airline alliance has calculated support and resistance levels at $5.90 and $7.04 respectively. The other top performer is Continental Airlines (NYSE:CAL), which is trading at $22.11 representing 1.42% from the previous trading session.

The sector's worst performers include Southwest Airlines Co. (NYSE:LUV) that is trading at $10.92 or -1.89% from the previous close. Shares of Southwest Airlines Co. , the domestic discount airline that focuses in short haul and high frequency have defined support at $10.76 and resistance at $12.39. Also among the worst performers is Gol Linhas Aereas Inteligentes (NYSE:GOL), which is currently trading at $12.86 representing -1.53% 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.