- Price action is gradually approaching a key resistance hurdle at $97.15
- Upper Bollinger Band® currently at $98.53
Ryanair has posted further gains as part of an 8 day trend that has already seen the stock gain $5.4. This session seems to remain in the same lane for now — after closing the previous trading day at $96.3, Ryanair is up to $96.67, which makes for a move of 0.38%/37 cents today.
The stock has been trending positively for about 4 months. The Irish low-cost carrier has managed to gain 29.23% so far this year despite trading at lows around $56.89 previously.
A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Bollinger Band® analysis indicates that current price action is approaching the upper band at $98.53, thereby suggesting that Ryanair is becoming overvalued. Ryanair could be slowing down soon; it is getting close to the resistance line and is now at $97.15, only 48 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Ryanair is set for a reversal in the coming days.
Fundamental indicators – United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
This rally in Ryanair's share price coincides with other industrials stocks as Lockheed Martin added 1.42% to its value, now trading at $485.46. Caterpillar is up 0.89%. Deere & Company is up 0.82%.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 395,000 while previous data was 1.17 million; data will be released today at 15:30 UTC.