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April 10, 2023
During a 5 day fall, dropping a total of 4.95%, (38 cents), A possible change of direction spotted from Thursday; after closing at $6.9 on Wednesday, JetBlue Airways maintained a strong bullish bias that helped the stock close higher at $6.92 Thursday. However, market bears ensured the the major low cost US airline topped out at $7 and that by the end of the session, the market had marked out a distinct $6.85 to $7 range.
JetBlue Airways Corporation made an initial breakout above its 10 day Simple Moving Average at $6.97, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. JetBlue Airways's lower Bollinger Band® is at $6.63, indicating that the market is oversold and fertile for new buyers. On the other hand, note that after reaching the known resistance zone beginning at $7, JetBlue Airways price action retreated approximately 8 cents.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts JetBlue to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the America's 7th largest airline is expected to pick up significant bullish sentiment in the coming days.
This rally in JetBlue's share price coincided with other industrials stocks as Union Pacific traded at $198.64 after closing Thursday's trading day at $194.21 (up 2.28%).
JetBlue went up Thursday, yet these industrials stocks did not follow — Caterpillar closed at $209.17 (down 2.04%).
Also worthy of note, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
Over the past 11 months, the major low cost US airline has retreated 49% from a noteworthy peak of $13.53.
