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March 20, 2023- The CCI indicator has fallen below -100 – a bearish signal
- Market bulls strengthened by lower Bollinger Band® currently at $88.85
Ryanair is in the midst of a 7 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $87.75, Ryanair is up to $89.26, which makes for a move of 1.72%/$1.51 today.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Ryanair's lower Bollinger Band® is at $88.85, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Ryanair has no clear-cut direction.
A look at other industrials stocks also shows bullish price action as Caterpillar added 2.72% to its value, now trading at $220.85. Lockheed Martin is trading at $475.54 after ending Friday's session at $465.87 (up 2.08%).
While Ryanair is higher so far today, these industrials stocks are struggling: after closing the previous session (Friday) at $186.79, United Parcel Service lost $3.29 and is trading around $183.5.
