Back in early January, Cebu Air (stock symbol: CEB) showed lots of promise after the stock made a quick reversal from the 44.80 December 23 low.
This month, however, showed a slightly different picture as CEB ‘flies at a low altitude’ (pun intended ) in a very tight descending channel. Price has stayed below the 50 psychological level for more than a week now.
The Stochastic is hovering low in a bearish formation.
Initial resistance remains around 55, assuming 50 will get taken out firmly in the next few weeks. Be careful of this stock.
Do you have CEB in your portfolio? Share your thoughts below!