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March 19, 2023
A quick look at Friday: during Friday's session, JetBlue toiled and struggled for upward momentum before closing at $6.92. By the close, the America's 7th largest airline suffered a 18 cents or 2.54% loss.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates JetBlue is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that JetBlue Airways's lower Bollinger Band® is at $7.18, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests JetBlue Airways is likely to remain muted for the immediate future, with no clear-cut direction.
JetBlue Airways was not the only decliner in the industrials sector; Raytheon Technologies lost 2.38% Friday and closed at $95.75. Honeywell International lost 2.38% Friday and closed at $184.64. Lockheed Martin closed at $465.87 (down 1.56%).
On a negative trend for around a month. The major low cost US airline has fallen back around 52.76% from the significant high of $15.03 set 11 months ago.
