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May 11, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left JetBlue Airways 6 cents lower, while setting a $6.82 to $7.14 session range.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3%. JetBlue Airways reaction to indicator information will follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.
Meanwhile, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
JetBlue Airways Corporation made an initial break below its 21 day Simple Moving Average at $6.95, a possible indication of a forthcoming negative trend. JetBlue Airways's upper Bollinger Band® is at $7.17 which indicates a further downward move may follow. In contrast, JetBlue Airways could begin to recover as it approaches significant support, now 15 cents away from $6.79. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting JetBlue to extend its recent losses.
JetBlue was not the only decliner in the industrials sector; General Electric went down 1.45%, closed at $101. United Parcel Service closed at $171.57 (down 0.83%). Union Pacific lost 0.76% yesterday and closed at $199.06.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 245,000 while its preceding data was 242,000, data will be available today at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. The major low cost US airline has shed 16.45% over the past three months.
