AAL Stock Price: American Airlines Group inc soars, squeezing short sellers, shrugging covid concerns

NASDAQ: AAL is up some 45% in Thursday's premarket trading, easily topping the $23 level.
The move comes after American Airlines Group painted a bleak picture of aviation in 2021.
Retail traders are squeezing those taking short positions.

Yohay Elam FXStreet

Is American Airlines Group Inc (NASDAQ: AAL) the next GameStop? Retail traders have been seizing on vulnerable shorts once again, pushing an old stock higher – and spectacularly so. The Western world's vaccination campaigns are still running at a snail's pace, imposing bans on travel from one another.

American Airlines has recognized the situation and painted a bleak picture of the future. The Fort Worth-based firm continues struggling. Moreover, the company has just posted record losses – adding a past weakness to future ones.

Nevertheless, traders organizing on Reddit and other platforms have probably realized that short sellers are ready for another squeeze.

AAL stock chart

NASDAQ: AAL is surging by nearly 50% at the time of writing in Thursday's premarket trading. on course to hit the highest since February last year – just before COVID-19 hit.

The 52-week high of $30.78 is the next target to watch above current levels. Support awaits at the 52-week low of $15.38.

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Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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