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May 20, 2023- Price action honing in on likely support at $99.04
- Price action is currently stuck around the active Fibonacci support level of $99.18
Ryanair's bearish run has lasted 3 days so far (-$2.97). More of the same from yesterday's session: the low-cost airline hovered around the $100.29 level after closing Thursday at $102.1 and shedding 1.77%, as it reached reached yesterday's session close.
The stock has been trending positively for about 2 months. Over the past 3 days, the low-cost airline has retreated 2.83% from a noteworthy peak of $105.07.
Ryanair Holdings plc made an initial break below its 10 day Simple Moving Average at $99.71, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $99.18 currently serving as support. If price action breaks below, the next Fib hurdle is $97.79. On the other hand, note that Ryanair could begin to recover as it approaches significant support, now $1.25 away from $99.04. Dipping below could be an indication that further losses are ahead.
Looking forward, Ryanair is poised to extend its strong downtrend and continue declining.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
Ryanair was not the only decliner in the industrials sector; Deere & Company went down to $363.55, losing 1.88% after it closed at $370.52 yesterday. Boeing went down to $205.49, losing 0.84% after it closed at $207.24 yesterday. Honeywell International closed at $197.35 (down 0.45%).
