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May 18, 2023
On a 4 day uptrend, Today's session put the brakes on the ongoing uptrend — after dropping down to $7.09, the major low cost US airline recovers some losses and is currently trading at $7.22.
JetBlue is currently trading at $7.22 following the release of Existing Home Sales (Apr) data from the United States.
JetBlue Airways's state is reflected by market data as United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.
Analysis of JetBlue Airways's recent price action suggests JetBlue Airways Corporation is approaching key support, around 26 cents away from $6.96. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that JetBlue Airways's upper Bollinger Band® is at $7.25, suggesting that a downward move may follow.
Overall, while JetBlue has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other industrials stocks as Honeywell International was up 1.14%. Caterpillar traded at $214.72 after closing today's trading day at $212.1 (up 1.24%).
Data to be released tomorrow might clear up some of the market fog as United States Fed Chair Powell speech is scheduled tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. America's 7th largest airline has shed 16.24% over the past three months.
