Ryanair builds bearish momentum towards key support at $91.31

• Price action honing in on likely support at $91.31
• Falling prices have precipitated Ryanair's approach to its lower Bollinger Band® at $90.95

Ryanair's bearish run has lasted 5 days so far (-$1.72). More of the same from yesterday's session: a tough session dominated by bearish sentiment left Ryanair $2.17 lower, while setting a $91.35 to $92.88 session range.

The stock has been trending positively for about 4 months. The low-cost airline has gained 22.92% since its lowest print of $56.89 earlier this year.

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. Analysis based on the asset volatility indicates that Ryanair's lower Bollinger Band® is at $90.95, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Ryanair's historical price actions shows Ryanair could begin to recover as it approaches significant support, now 79 cents away from $91.31. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Ryanair has no clear-cut direction.

Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.

Ryanair was not the only decliner in the industrials sector; Union Pacific closed at $193.75 (down 3.89%). United Parcel Service falls 2.59% yesterday to close at $183.21. Boeing closed at $205.52 (down 2.9%).

Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC.