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April 17, 2023- Ryanair is eyeing the $92.84 support level
- Ryanair's upper Bollinger Band® is at $95.47 which indicates a further downward move may follow.
Though in the midst of a 7 day uptrend, gaining a total of 3.29%, ($3.67), The prevailing bullish trend is beginning to fade following Friday's downbeat session. An influx of sellers pushed the Irish low-cost carrier to end the session lower around $93.48, while establishing a $92.84 to $94.11 session range Friday.
The stock has been trending positively for about 30 days. After hitting an important low of $56.89 approximately 6 months ago, the low-cost airline has bounced back 65.53% since.
Ryanair Holdings plc made an initial break below its 50 day Simple Moving Average at $93.13, a possible indication of a forthcoming negative trend. Ryanair's upper Bollinger Band® is at $95.47 which indicates a further downward move may follow. On the other hand, note that Ryanair could begin to recover as it approaches significant support, now 64 cents away from $92.84. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Ryanair to extend its recent losses.
Ryanair was not the only decliner in the industrials sector; Boeing went down to $201.71, losing 5.56% after it closed at $213.59 Friday.
On the other hand, positive performances could be seen by looking at other industrials stocks as United Parcel Service traded at $192.87 after closing Friday's trading day at $191 (up 0.98%). General Electric was up 1.21%.
Upcoming fundamentals: United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
