Airlines Take Off, Know These Levels
Ever since AMR Corp (NYSE:AMR) filed for bankruptcy the other leading airline stocks have taken off to the upside. Many of the airline stocks have surged higher by 10.0 percent or more in just five trading days. While these airline stocks have gotten hot recently they are starting to near important resistance levels. Traders should not expect these stocks to keep the ascending path without a little turbulence soon.
This morning, Delta Air Lines Inc (NYSE:DAL) is trading higher by 0.08 cents to $8.62 a share. On November 25, 2011 the stock was trading as low as $7.08 a share. This is a massive move for this stock in such a short amount of time. Traders must watch for short term daily chart resistance around the $8.90 - $9.00 area. The stock will have some intra-day resistance around the $8.77 level.
Many of the other leading airline stocks such as United Continental Holdings Inc (NYSE:DAL), Southwest Airlines Co (NYSE:LUV), and JetBlue Airways Corp (NYSE:JBLU) are all nearing important daily chart resistance. Traders should start to look for these stocks to pullback a little off these recent highs very soon.