Cebu Air (stock symbol: CEB) had been “flying close to the ground” a few months ago (see my last post). But that changed when buyers supported the stock between 46 and 50. This support gained ground and led the stock to advance to as high as 58 on May 13.
At present, CEB is enjoying a 7-day bullish streak, slowly marching close to the May 13 peak and the 60 psychological level. If the 60 level will not pose a challenge to buyers, the next key resistance area is at 65-70.
The Moving Average Convergence Divergence (MACD) will fully reverse up if CEB will continue to gain ground in the coming days.
Putting things in perspective, CEB remains an “ultra-low flying” stock. A dose of confidence for lift-off could be had only once this stock breaks through the 90-100 area. A long way to go, CEB travellers!
Do you have CEB in your portfolio? Share your thoughts below!