Sector Wrap Up - Arlines Higher: LCC, SKYW, DAL

Published on Friday, 03 September 2010 17:02 Written by Danny Miller

New York, September 3rd (TradersHuddle.com) - The NYSE Airline index ended the session higher by closing at $40.76, which represents 0.81% versus its previous day close. The airline index exhibited strong upside with 10 out of 13 airlines trading higher.

US Airways (NYSE:LCC) was the top performer of the sector today closing at $9.97 representing 3.32%. 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) was also among the top performers, closed the trading session at $13.47 representing 2.43% 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 was Delta (NYSE:DAL), which closed the trading session at $11.05 representing 1.94% from the previous trading session.

The sector's worst performers include Gol Linhas Aereas Inteligentes (NYSE:GOL) that closed the trading session at $13.63 or -1.66% from the previous close. Shares of Gol Linhas Aereas Inteligentes, the low fare Brazilian domestic airline have defined support at $12.29 and resistance at $13.22. Also among the worst performers was Lan Airlines (NYSE:LFL), which closed the trading session at $28.1 representing -0.95% from the previous trading session.

Benchmark crude for October delivery was lower closing the trading session 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.