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July 01, 2023
- Ryanair drawing closer to significant resistance at $111.06 with potentially further upside ahead
- Upper Bollinger Band® currently at $110.86
Ryanair has posted further gains as part of a 5 day trend that has already seen the stock gain $4.41. Yesterday's session pointed in the same direction — Ryanair ended Thursday at $108.22. yesterday it went up to $110.66 only to drop back, yet still managed to close at $110.6.
The stock has been trending positively for about 3 months. Approximately a day ago, the Irish low-cost carrier reached a significant high of $110.6 but has struggled to hold onto its gains and declined 2.15% since then.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $110.86, thereby suggesting that Ryanair is becoming overvalued. Ryanair is 46 cents away from testing key resistance at $111.06. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Ryanair likely to continue pointing upward in the short term.
Fundamental indicators – United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7.
A look at other industrials stocks also showed bullish price action as United Parcel Service was up 1.82%. General Electric gained 1.96%, as it traded at $109.85. Deere & Company traded at $405.19 after closing yesterday's trading day at $401.63 (up 0.89%).
