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June 03, 2023
Yesterday at a glance: JetBlue rallied 5.12% and ended the session at $7.18.
JetBlue Airways's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls came out at 339,000, better than analyst estimates of 180,000 and improving upon the previous reading of 294,000.
On the flip side, United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. United States Unemployment Rate fell short of the 3.5 projections, with new data of 3.7.
With regards to technical trend indicators, chart analysis show that JetBlue Airways Corporation made an initial breakout above its 50 day Simple Moving Average at $6.94, a potential indicator of a newly emerging bullish phase. Crossed the $7.03 Fibonacci level, next level is at $7.28. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.26, thereby suggesting that JetBlue is becoming overvalued. A study of JetBlue Airways's chart reveals various key levels to watch: JetBlue is 13 cents away from testing key resistance at $7.31. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while JetBlue Airways has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in JetBlue Airways's share price coincided with other industrials stocks as Caterpillar gained 8.4%, as it traded at $226.63. Deere & Company added 5.25% to its value, and traded at $371.07. Honeywell International was up 2.57%.
The stock has been trending positively for about 2 months. The major low cost US airline has shed 14.3% over the past three months.
