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June 07, 2023
A quick look at yesterday: ending Monday at $7, America's 7th largest airline rallied 6% yesterday and stayed at the $7.4 level.
At the same time, United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
JetBlue Airways Corporation made an initial breakout above its 50 day Simple Moving Average at $6.95, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $7.22 currently serving as resistance In contrast, JetBlue could be slowing down soon; it is getting close to the resistance line and is now at $7.58, only 18 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. JetBlue's upper Bollinger Band® is at $7.37, this is a slight indication of a slowdown.
With all probabilities considered, today's gains in JetBlue have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
This rally in JetBlue's share price coincided with other industrials stocks as Deere & Company was up 2.76%. Raytheon Technologies gained 1.77%, as it traded at $97.44. Caterpillar was up 1.89%.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 1.15 million while previous data was 4.49 million; data will be released today at 14:30 UTC. United States Initial Jobless Claims projected to decline to 238,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about 2 months. The major low cost US airline is now trading 12.53% below its 3-month high of $10.69.
