Airline stocks - victims of Protests and CoronavirusAlready suffering under the curse of the HK protests, Airline stocks are heading south and now with the Coronavirus and being banned from outbound tours, we are of the opinion that we will see more dark days ahead for Cathay Pacific, among the other airline stocks.
Currently, it is settling at 9.58 , may rebound a little and likely to go further south. So long as it does not break the bearish trend line, this stock is unlikely to see the light at the end of the tunnel and has more downside to go.
For those who wish to short, wait for it to break down the 9.58 support. It still has a good 2+ dollars plus profits to be made if it hits the 7.05 level.
Trade safely, always use a Stop loss and employ appropriate risk and capital management.
