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Charts: Which Airline Stocks are Set to Fly?
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The airline sector is enduring some serious turbulence due to the sharply weakening global economy, but some carriers, such as United Airlines and easyJet are set for a softer landing and could even take off, Daryl Guppy, CEO of GuppyTraders.com, told CNBC.com.
“United Airlines has a better probability of being able to take off (compared to Southwest Airlines),” Guppy said in the CNBC.com exclusive.
United [UAUA
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] “is showing a soft landing on a steady support level,” he added.
The US carrier has been stuck in a trading range between $15 and $7 per share, but a break above that range could send stocks soaring toward $30, Guppy said. Guppy has a “downside” target of $5 for Southwest Airlines [LUV
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Video: watch the full CNBC.com interview with Daryl Guppy above.
The UK airline sector is due for a harder landing than the US, according to Guppy, but low-cost carrier easyJet is having an easier ride compared to its premium competitor British Airways.
British Airways is seeing solid support at around $100 per share, but the airline won’t see “full takeoff” until it breaks through its trading-range high of $160, he said.
“Until then, it’s rally and retreat trading,” he added.
Singapore Airlines is trying to build a support level around $10, but investors should wait for more rebounds from this level, Guppy said.
“If this is successful, then we can look at a return to around the $14 or $15 mark,” he said, but warned a failure to form the base could cause a share-price tailspin toward $7.
Australia’s Qantas “has failed to hold support at around $2.30” and faces a nosedive toward the $1.50 level, Guppy said.
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