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July 04, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: after closing at $8.86 on Friday, JetBlue Airways rallied as high as $9.08 but ended the day at $nine.
At the same time, United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) came out at 41.8.
JetBlue's notable support and resistance levels: although JetBlue Airways Corporation is appreciating today after rising as high as $9.08, price action is now slowing and consolidating around 10 cents below the $9.1 resistance level. Technical analysis trend indicators suggest that investors are seeking long positions as JetBlue price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates JetBlue Airways is in a strong overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $9.19, thereby suggesting that JetBlue is becoming overvalued.
Overall, while JetBlue has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other industrials stocks also showed bullish price action as United Parcel Service added 2.52% to its value, and traded at $183.77. Union Pacific gained 0.74%, as it traded at $206.13.
While JetBlue Airways was bullish yesterday, the following industrials stocks underperformed: General Electric went down 1.43%, closed at $109.85.
Elsewhere, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
The stock has been trending positively for about 3 months. America's 7th largest airline now trading 26.03% above its 3-month low of $6.19.
