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May 12, 2023
- Price action honing in on likely support at $97.82
- Bollinger analysis indicates upper Band® is at $100.68
Stable at $99.8 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — Ryanair recovered back to $99.8 after dipping down to $98.34, in a session that followed Wednesday's $99.59 close value.
The stock has been trending positively for about a month. A day ago the Irish low-cost carrier reached a significant high of $99.8 but has consequently lost 0.21% since then.
Visual analysis of Ryanair's chart shows that Ryanair Holdings plc is approaching key support, around $1.98 away from $97.82. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Ryanair's upper Bollinger Band® is at $100.68, suggesting that a downward move may follow.
Overall, while Ryanair has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts.
Meanwhile, mixed performances were seen by other industrials stocks as Deere & Company went down to $372.79, losing 2% after it closed at $380.39 yesterday. Caterpillar stumbles 1.47% yesterday to close at $213.17. Honeywell International went down to $193.98, losing 1.19% after it closed at $196.31 yesterday.
