Oil prices are retreating after Saudi Arabia's oil minister said the OPEC country will not reduce production, Reuters reports.
WTI crude is declining 4.31% to $31.95 per barrel on the New York Mercantile Exchange, while Brent crude is falling 3.52% to $33.47 per barrel on the Intercontinental Exchange this afternoon.
Hawaiian Holdings, the parent company of Hawaiian Airlines, expects average fuel costs to be between $1.35 and $1.45 per gallon this year, down from $2.04 per gallon in 2015 and $3.03 per gallon in 2014 as cheaper oil prices persist.
It's a challenge to find any stock making new 52-week highs, let alone all time high levels. In the very competitive airline group, we have one in Hawaiian Holdings, which just passed December resistance to close at a new high.
This stock has been surging of late on strong turnover, a sign of institutional buying. The moving average convergence divergence (MACD) is on a buy signal, and we show the chart in a "fat tail" condition (above the upper Bollinger band), which may accelerate the rally.
Momentum indicators are overbought, but that is not a reason to sell. A pullback to support (37-38 zone) might be a nice place to add this name.
Want more from Versace, Lang and Wall Street's sharpest minds BEFORE your stock moves?Learn more about Trifecta Stocks now!