Airline Stocks Fail To Take Off With Indexes
The major airlines stocks have not participated in today's rally. These stocks have been in a down trend since early November 2010 and continue to look weak on the daily charts.
AMR Corp.(NYSE:AMR) is trading lower today by 0.12 cents to $6.32 a share. This stock recently found a short term low around the $6.00 level on March 4, 2011. However, if AMR stock trades below that pivot in early March the stock could trade down to the $5.50 level which is the next short term daily chart support area. Therefore, it is very important for AMR stock to remain above the $6.00 area.
Delta Air Lines Inc.(NYSE:DAL) is another major carrier that is trading lower this afternoon. This stock is trading lower by 0.35 cents to $9.85 a share and is making a new 52 week low. It is important to remember that Delta Airlines merged with Northwest Airlines last year and maintains a large hub in Tokyo, Japan. The crisis in Japan at this time is certainly going to effect this stock. The next important daily chart support area for this stock will be around the $9.00 level.
United Continental Holding Inc.(NYSE:UAL) also has a large presence in Japan and this stock is selling off this afternoon. UAL stock is trading lower by 0.76 cents to $22.07 a share. The $22.00 area has served as support for UAL stock throughout the past 30 days. The next important daily chart support levels for UAL stock will be around the $22.50 and $19.00 levels.