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June 30, 2023
JetBlue Airways has posted further gains as part of a 5 day trend that has already seen the stock gain 79 cents. Yesterday continued on the same track for JetBlue Airways — after closing at $8.73 on Wednesday, JetBlue Airways maintained a strong bullish bias that helped the stock close higher at $8.76 yesterday. However, market bears ensured the the major low cost US airline topped out at $8.9 and that by the end of the session, the market had marked out a distinct $8.69 to $8.9 range.
United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.
JetBlue's uptick comes amid good United States macroeconomic data released during the day — United States GDP beat the 1.4 projections, with two. United States Initial Jobless Claims improved upon its previous reading of 265,000 with a new data release of 239,000.
JetBlue's uptick comes amid disappointing United States macroeconomic data released during the session – Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
Trend analysis indicates that investors are seeking long positions as JetBlue Airways Corporation price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates JetBlue Airways is in an overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $9, thereby suggesting that JetBlue Airways is becoming overvalued. Chart analysis indicates although JetBlue Airways is appreciating today after rising as high as $8.9, price action is now slowing and consolidating around 12 cents below the $8.88 resistance level.
Notwithstanding JetBlue's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other industrials stocks also showed bullish price action as Raytheon Technologies traded at $97.8 after closing yesterday's trading day at $95.87 (up 2%). Lockheed Martin traded at $457.44 after closing yesterday's trading day at $449.66 (up 1.73%).
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) is scheduled for today at 12:30 UTC.
The stock has been trending positively for about 3 months. The past 3 months have been positive for America's 7th largest airline as it added 23.48% compared to its 3-month low of $6.19.
