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June 02, 2023- Price action backs away from resistance at $107.28 despite bullish mood
- Upper Bollinger Band® currently at $109.24
Signs of life: 5 days of level trading might be coming to an end with a gain of 0.857% today Yesterday's session shows improvement: an influx of buyers helped the Irish low-cost carrier to end the session higher around $106.39, while establishing a $104.59 to $106.83 session range yesterday.
The stock has been trending positively for about 2 months. The Irish low-cost carrier is now trading 2.08% below the significant high of $107.31 it set around 8 days ago.
Ryanair's notable support and resistance levels: although Ryanair Holdings plc is appreciating today after rising as high as $106.83, price action is now slowing and consolidating around 89 cents below the $107.28 resistance level. Concerning technical analysis and more specifically, trend indicators, Ryanair made an initial breakout above its 5 day Simple Moving Average at $105.61, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Ryanair's upper Bollinger Band® is at $109.24, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates Ryanair will remain range-bound for the immediate future.
Fundamental indicators – United States Crude Oil Inventories beat the -1.10 million projections, with 4.49 million.
This rally in Ryanair's share price coincided with other industrials stocks as General Electric traded at $104.67 after closing yesterday's trading day at $101.53 (up 3.09%). Raytheon Technologies gained 2.12%, as it traded at $94.09. Deere & Company traded at $352.57 after closing yesterday's trading day at $346 (up 1.9%).
Upcoming fundamentals: United States Non Farm Payrolls projected to decline to 180,000 while previous data was 253,000; data will be released today at 12:30 UTC.
