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April 25, 2023- Key support at $93.8 holds firm despite apparent early break
- Fibonacci support at $93.65 holds firm with prices springing 16.428 cents
While on a 5 day slump, falling a total of 3.27%, Similar trend today: the low-cost airline ended yesterday at $94.67 and dropped 0.91% today as it reaches the end of the current session.
The stock has been trending positively for about a month. The Irish low-cost carrier has recovered 66.41% since descending to a significant low of $56.89 around 6 months ago.
Ryanair Holdings plc made an initial break below its 50 day Simple Moving Average at $93.09, a possible indication of a forthcoming negative trend. Ryanair's upper Bollinger Band® is at $96.7 which indicates a further downward move may follow. On the other hand, note that Ryanair could begin to recover as it approaches significant support, now 1 cents away from $93.8. Dipping below could be an indication that further losses are ahead.
In the short term, Ryanair is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Ryanair's stock value drop coincides with United Parcel Service is down to $177.19, losing 9.53%, after ending yesterday at $195.85. After closing the previous session (yesterday) at $200.28, Union Pacific lost $5.13 and is trading around $195.15. After closing the previous session (yesterday) at $388.04, Deere & Company lost $8.2 and is trading around $379.84.
Upcoming fundamentals: United States Core Durable Goods Orders projected to decline to -0.2% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC.
