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June 18, 2023
JetBlue has posted further gains as part of a 10 day trend that has already seen the stock gain $1. On-trend JetBlue closed the session Friday with more of the same: after closing at $eight on Thursday, JetBlue Airways maintained a strong bullish bias that helped the stock close higher at $8.06 Friday. However, market bears ensured the the major low cost US airline topped out at $8.12 and that by the end of the session, the market had marked out a distinct $7.96 to $8.12 range.
Technical analysis shows that JetBlue Airways Corporation could be slowing down soon as it approaches resistance at $8.13. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates JetBlue Airways is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $8.27, thereby suggesting that JetBlue Airways is becoming overvalued.
Notwithstanding JetBlue's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in JetBlue's share price coincided with other industrials stocks as Lockheed Martin was up 0.71%. General Electric traded at $106.29 after closing Friday's trading day at $105.41 (up 0.83%).
The stock has been trending positively for about 2 months. The past 3 months have been positive for America's 7th largest airline as it added 16.62% compared to its 3-month low of $6.19.
