LATAM Airlines Group SA

In a Stage 3 distribution phase marked by lower highs and heavier distribution volume at resistance, the medium-term bias is bearish. Price is currently testing structural support at the 50 DMA and 200 DMA with a neutral short-term outlook. Execution should be deferred and focused on rallies into declining short-term EMAs and the 50 DMA.

• ↑Q1 2026 revenue +21.7% YoY to $4.1B on 10.4% capacity growth.
• ↑Adjusted operating margin improved 3ppt YoY to 19.8%, reflecting effective cost management.
• ↓Forecasted jet fuel at $170/barrel will incur ~$700M additional expense in Q2.