Ryanair builds bearish momentum towards key support at $89.71

• Ryanair is eyeing $89.71 as its nearest support level
• Lower Bollinger Band® at around $89.73

The Irish low-cost carrier hovered around the $90.9 level after closing Thursday at $93.27 and shedding 2.54%, as it reached reached Friday's session close.

The stock has been trending positively for about 4 months. The low-cost airline has managed to gain 21.3% so far this year despite trading at lows around $56.89 previously.

Technical analysis trend indicators suggest 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. According to asset volatility analysis, Ryanair's lower Bollinger Band® is at $89.73, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Ryanair could begin to recover as it approaches significant support, now $1.19 away from $89.71. Dipping below could be an indication that further losses are ahead.

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

Ryanair was not the only decliner in the industrials sector; Boeing went down 4.8%, closed at $208.13. Deere & Company closed at $417.42 (down 1.8%). Honeywell International went down 1.53%, closed at $195.02.

Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC.