Joby Aviation, Inc. (NYSE:JOBY) stock moved higher on Tuesday as broader airline sector stocks traded higher following a decline in energy prices.

Crude oil fell more than 5% to $76 a barrel on Tuesday, reversing earlier gains. The price drop followed comments from U.S. Treasury Secretary Scott Bessent, who noted that a deal could be reached to reopen the Strait of Hormuz.

The Nasdaq is up 3.06% while the S&P 500 has gained 1.77%.

According to Trading Economics, renewed diplomatic hopes between the U.S. and Iran eased supply disruption concerns.

Airline company stocks traded higher on easing fuel costs. Lower oil expectations provided upward momentum across transportation and aviation equities.

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Virgin Atlantic Partnership

The market movement builds on momentum from July 22, when Joby stock rose after finalizing a multi-year agreement with Virgin Atlantic. Virgin Atlantic serves as Joby’s exclusive U.K. airline partner, integrating air taxi bookings into its mobile app and website alongside long-haul flights.

Planned routes include London Heathrow to Central London in eight minutes and Manchester Airport to Leeds in 15 minutes.

Critical Levels To Watch for JOBY Stock

From a trend perspective, the longer-term picture is still heavy: the stock is trading 10.6% below its 50-day SMA ($8.93) and 29.3% below its 200-day SMA ($11.29), and the death cross that formed in February keeps the bigger setup tilted bearish. That said, price is now 6.7% above its 20-day SMA ($7.48), which is consistent with a short-term bounce trying to build.

Momentum is best framed through RSI, which is sitting at 51.51—neutral, but no longer showing the "washed-out" conditions seen when RSI hit oversold territory in March.

  • Key Resistance: $8 — a round-number area sitting right on top of current price, where rebounds can stall quickly
  • Key Support: $7 — a nearby floor that’s still close to the recent July low zone, making it a practical "line in the sand" for dip-buyers

JOBY Price Action: Joby Aviation shares were up 8.33% at $7.99 at the time of publication on Tuesday, according to Benzinga Pro data.

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Joby Aviation-Photo by T. Schneider via Shutterstock