| 
March 03, 2023
- Price action is gradually approaching a key resistance hurdle at $96
- Price action broke 96 cents above known Fib level ($94.16)
Ryanair has posted further gains as part of a 5 day trend that has already seen the stock gain $3.55. Ryanair stayed on track yesterday: after ending Wednesday at $94.45, Ryanair went up to $95.46 only to drop back, yet still traded well overall and closed at $95.12 yesterday.
The stock has been trending positively for about 4 months. The low-cost airline has managed to gain 27.89% so far this year despite trading at lows around $56.89 previously.
A study of Ryanair's historical price actions shows Ryanair Holdings plc is 89 cents away from testing key resistance at $96. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that Ryanair made an initial breakout above its 21 day Simple Moving Average at $93.92, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $94.16 by around 96 cents with prices hammering out a $93.12 – $95.46 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $97.67, thereby suggesting that Ryanair is becoming overvalued.
Notwithstanding Ryanair's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000.
This rally in Ryanair's share price coincided with other industrials stocks as Boeing gained 2.69%, as it traded at $210.06. Union Pacific added 1.62% to its value, and traded at $211.36. Caterpillar traded at $252.18 after closing yesterday's trading day at $248.67 (up 1.41%).
Upcoming fundamentals: United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
