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June 14, 2023- Price action honing in on likely support at $106.85
- Ryanair's upper Bollinger Band® is at $110.19 which indicates a further downward move may follow.
After a 10 day of trading sideways Today's session suggests a further slow down: pronounced bearish market sentiment ensured that the low-cost airline made a notable 0.63% loss today, declining 68 cents and ultimately closing at $107.18.
The stock has been trending positively for about 2 months. Ryanair hit a significant low of $56.89 around 8 months ago, but has since recovered 89.59%.
Ryanair Holdings plc made an initial break below its 10 day Simple Moving Average at $106.87, a possible indication of a forthcoming negative trend. Ryanair's upper Bollinger Band® is at $110.19 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 33 cents away from $106.85. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Ryanair to extend its recent losses.
Fundamental indicators – United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Ryanair was not the only decliner in the industrials sector; Raytheon Technologies went down to $96.86, losing 2.84% after it closed at $99.69 today. General Electric went down to $104.7, losing 1.91% after it closed at $106.74 today.
On the other hand, positive performances could be seen by looking at other industrials stocks as Union Pacific traded at $202.74 after closing today's trading day at $198.93 (up 1.92%).
Upcoming fundamentals: United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
