| 
June 14, 2023
JetBlue Airways gained 19 cents and closed above the $eight level for the first time in 3 months.
JetBlue is currently trading at $8.03 following the release of FOMC Press Conference data from the United States.
JetBlue Airways's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published today at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
JetBlue Airways's uptick comes amid disappointing United States macroeconomic data released during the session – Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
Meanwhile, United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Trend-following investors would be interested to note 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, according to technical analysis of JetBlue's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $8.05, thereby suggesting that JetBlue is becoming overvalued. A study of JetBlue Airways's historical price actions shows although JetBlue is appreciating today after rising as high as $8.08, price action is now slowing and consolidating around 9 cents below the $8.12 resistance level.
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 Union Pacific gained 1.92%, as it traded at $202.74.
While JetBlue was bullish today, the following industrials stocks underperformed: Raytheon Technologies closed at $96.86 (down 2.84%). General Electric closed at $104.7 (down 1.91%).
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is expected tomorrow at 12:30 UTC.
Also worthy of note, United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Jun) is expected tomorrow at 12:30 UTC.
The stock has been trending positively for about 2 months. Having soared to a high of $9.22 approximately 4 months ago, America's 7th largest airline is now trading 14.97% lower.
