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April 29, 2023- Price action is gradually approaching a key resistance hurdle at $97
- Market price breaks $3.07 above key Fib handle of $92.52
Ryanair has posted further gains as part of a 3 day trend that has already seen the stock gain $2.81. Yesterday's session pointed in the same direction — the low-cost airline gained 2.48% and stayed at $95.59 levels.
The stock has been trending positively for about a month. Ryanair hit a significant low of $56.89 around 6 months ago, but has since recovered 63.97%.
Ryanair Holdings plc made an initial breakout above its 50 day Simple Moving Average at $92.95, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $92.52 by around $3.07 with prices hammering out a $91.94 – $95.89 session range. Despite this, Ryanair is $1.42 away from testing key resistance at $97. Peaking above this level could inspire market bulls and open the path to further gains. Bollinger Band® analysis indicates that current price action is approaching the upper band at $97.16, thereby suggesting that Ryanair is becoming overvalued.
According to technical analysis, it looks as if Ryanair likely to continue pointing upward in the short term.
Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
A look at other industrials stocks also showed bullish price action as Caterpillar was up 2.09%. United Parcel Service traded at $179.81 after closing yesterday's trading day at $177.76 (up 1.15%). Deere & Company added 1.66% to its value, and traded at $378.
