Cebu Air, Inc. is a Philippine company engaged in the aviation industry offering scheduled flights to both domestic and international destinations. For those who do not know, they are a subsidiary of JG Summit Holdings (JGS) which is majority owned by the Gokongwei family.
Also known as Cebu Pacific or CEB in the Philippine Stock Exchange, it hit the 11th spot in today’s top losers list. Its 3% decline to PHP76.90 triggered the recent breakdown from the symmetrical triangle chart pattern. As a fresh breakdown, the stocks could further hit lower grounds in the coming days. Actually, adding the height of the triangle’s base to the breakdown point, I’m looking at PHP63.00 as the target price for CEB but before it reaches that level, buying pressure could be experienced at the PHP74.50 all-time low. On the upside, in case the stocks head north once again, the immediate resistance could be the triangle’s support. If that hurdle gets cleared out, the next resistance could be the 5-month downtrend.
On the side note, my technical sentiments on CEB will be bearish until the MACD moves to the positive territory, the stocks break above the 50-day moving average and the 5-month downtrend line gets broken. Although the flight sales of Cebu Pacific is skyrocketing right now as more people fly in and out of town or country for the summer vacation, I’d rather buy the stocks given a bright technical entry.
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