Panama-based airline passenger and cargo firm Copa Holdings (CPA) has been climbing higher and higher. Let's check the charts and indicators for a flight plan.
I had a positive view of COPA shares back on November 16.
In the daily bar chart of CPA, below, I can see that the shares have been in an upward flight path the past 12 months. CPA trades above the rising 50-day moving average line and above the bullish 200-day line.
Trading volume has been increasing since November telling me that investors are showing increased interest in this name. The daily On-Balance-Volume (OBV) line shows a rise for the past year and tells me that buyers of CPA have been more aggressive than sellers.
The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of CPA, below, I can see that prices broke out on the upside from a 2-1/2-year sideways consolidation pattern around $95. This is a large pattern and can support a sustained move higher, in my opinion. The slope of the 40-week moving average line is bullish.
The MACD oscillator is bullish and I do not see any worrisome candle patterns.
In this daily Point and Figure chart of CPA, below, I can see that the shares reached and exceeded an upside price target in the $108 area.
In this weekly Point and Figure chart of CPA, below, I can see a potential price target in the $164 area.
Bottom-line strategy: Traders who are long CPA should continue to hold. Raise stops to $100. The $150-$164 area is my price target now.
