This Airline is Taxiing to the Runway
- Posted by Greg Harmon
- on July 7th, 2014
Now that the World Cup is winding down maybe the Latin and South American airlines will start to move again. One, Copa Holding, $CPA, basically took the World Cup off, consolidating sideways for since the beginning of June. Prior to that it had been making higher lows in a symmetrical triangle pattern. A break of the triangle carries a target move of 28.50, the size of the wide end of the triangle. That would take it to 174 on a move higher.
Monday it tried to break out higher but the weight of the market pulled it back down. The momentum indicators, RSI and MACD, are bullish and moving higher supporting a case for higher prices. And the price remains above the moving averages despite the straight down day, which is a good sign. Keep this stock on the radar as it is prepping to take flight.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)