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March 02, 2023
After dipping down to $8.06, America's 7th largest airline regained earlier losses, reaching $8.29 as the end of the session nears.
JetBlue Airways's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
Meanwhile, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
Trend and momentum analysis indicates that despite posting gains so far today, JetBlue Airways Corporation slid below its 200 day Simple Moving Average at $8.13 in earlier trade — an early indicator that a negative trend could be emerging. Asset volatility analysis shows that JetBlue Airways's lower Bollinger Band® is at $7.97, indicating that the market is oversold and fertile for new buyers. As the trading day comes to an end, chart analysis indicates although JetBlue is appreciating today after rising as high as $8.31, price action is now slowing and consolidating around 7 cents below the $8.36 resistance level.
With market volatility ebbing, the current technical outlook indicates JetBlue Airways will remain range-bound for the immediate future.
Rallies can also be seen in other industrials stocks, Union Pacific is up 1.52%. Boeing is up 1.47%. Raytheon Technologies is trading at $98.97 after ending yesterday's session at $98.04 (up 0.95%).
The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
JetBlue hit a significant low of $6.19 around 2 months ago, but has since recovered 33.28%.
