Airline Stocks Mid-Day Round Up - Higher: LCC, SKYW, UAUA

Published on Wednesday, 01 September 2010 13:10 Written by Gerard Lerod

New York, September 1st (TradersHuddle.com) - The NYSE Airline index is trading higher at $39.83, which represents 3.55% versus its previous close. The airline index is having a broad rally with 13 out of 13 airlines trading higher.

US Airways (NYSE:LCC) is the top performer of the sector so far, trading at $9.48 representing 4.87%. versus the previous trading session. Shares of US Airways, the Phoenix based airline have defined support at $8.40 and resistance at $9.53.

SkyWest (NASDAQ:SKYW) is also among the top performers, currently trading at $13.29 representing 4.32% from its previous close. SkyWest, the regional airline servicing major airlines like Delta and United has calculated support and resistance levels at $11.97 and $13.62 respectively. The other top performer is UAL (NASDAQ:UAUA), which is trading at $22.08 representing 4.15% from the previous trading session.

The sector's worst performers include Alaska Air (NYSE:ALK) that is trading at $45.14 or 2.06% from the previous close. Shares of Alaska Air , the Airline serving destinations within the state of Alaska and the West Coast of the United States have defined support at $44.08 and resistance at $54.19. Also among the worst performers is AMR (NYSE:AMR), which is currently trading at $6.26 representing 2.21% from the previous trading session.

Benchmark crude for October 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.