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April 21, 2023
- Ryanair is eyeing the $93.6 support level
- Bollinger analysis indicates upper Band® is at $96.98
While on a 3 day downtrend Today is looking a bit better: without a clear-cut direction, Ryanair is trading around $94.52 and ranging between $94 and $94.83.
The stock has been trending positively for about a month. The Irish low-cost carrier is now trading 66.06% above the significant low ($56.89) it slumped to 6 months ago.
Ryanair Holdings plc made an initial break below its 10 day Simple Moving Average at $94.5, a possible indication of a forthcoming negative trend. Ryanair's upper Bollinger Band® is at $96.98, suggesting that a downward move may follow. On the other hand, note that Ryanair is approaching key support, around 92 cents away from $93.6. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Ryanair is positioned for a downward move in the near term.
Fundamental indicators – United States Services PMI released today at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6.
Meanwhile, mixed performances are seen in other industrials stocks as Lockheed Martin is down 1.52% from the beginning of the session and now trades around $483.12. Caterpillar is down to $218.31, losing 1.25%, after ending yesterday at $221.07. Boeing is down to $204.94, losing 1.11%, after ending yesterday at $207.23.
