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May 08, 2023- Ryanair could slow down as it approaches resistance at $96.05
- Ryanair made an initial breakout above its 5 day Simple Moving Average at $95.86, a potential indicator of a newly emerging bullish phase.
Pronounced bullish sentiment in the market helped the low-cost airline to make a notable 2.27% gain Friday, rising $2.12 and ultimately closing at $95.41.
The stock has been trending positively for about a month. The low-cost airline is now trading 4.6% below the significant high of $97.79 it set around 6 days ago.
Trend and momentum analysis indicates that Ryanair Holdings plc made an initial breakout above its 5 day Simple Moving Average at $95.86, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $98.04, thereby suggesting that Ryanair is becoming overvalued. Ryanair chart analysis: Ryanair could be slowing down soon as it approaches resistance at $96.05. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests Ryanair has no clear-cut direction.
This rally in Ryanair's share price coincided with other industrials stocks as Union Pacific was up 2.12%. Caterpillar added 2.24% to its value, and traded at $215.09. United Parcel Service was up 1.41%.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
