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April 06, 2023
Yesterday at a glance: the major low cost US airline dropped 2% early on and traded close to the $6.9 level.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in JetBlue are expected to follow.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
JetBlue Airways Corporation made an initial break below its 10 day Simple Moving Average at $6.95, a possible indication of a forthcoming negative trend. In contrast, JetBlue could begin to recover as it approaches significant support, now 8 cents away from $6.82. Dipping below could be an indication that further losses are ahead.
In the short term, JetBlue is expected to maintain its recent downtrend and continue spiralling lower.
JetBlue Airways was not the only decliner in the industrials sector; Deere & Company went down 6%, closed at $397.66. Boeing went down to $210, losing 1.82% after it closed at $213.9 yesterday. Caterpillar closed at $213.53 (down 1.8%).
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 239,000 while its preceding data was 311,000, data will be available tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 198,000; data will be released today at 12:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.
JetBlue Airways has shed $6.74 points and is languishing 48.91% lower over the past year, leaving its yearly highs around $13.64 in the rear-view mirror.
