- Price action backs away from resistance at $63.32 despite bullish mood
- Although higher today, Ryanair dipped below its 21 day Simple Moving Average in early trade
4 days and $3.51 of gains were not enough. On-trend Ryanair closed the session yesterday with more of the same: an influx of buyers helped Ryanair to end the session higher around $61.39, while establishing a $61.12 to $62.71 session range yesterday.
Having set a significant high of $126.12 6 days ago, Ryanair is trading 6.17% lower.
Although Ryanair Holdings plc is appreciating today after rising as high as $62.71, price action is now slowing and consolidating around $1.93 below the $63.32 resistance level. Despite posting gains on yesterday, Ryanair slid below its 21 day Simple Moving Average at $61.51 during the last session — an early indicator that a negative trend could be emerging.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Ryanair is set for a reversal in the coming days.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
This rally in Ryanair's share price coincided with other industrials stocks as Union Pacific was up 2.48%. United Parcel Service traded at $164.72 after closing yesterday's trading day at $161.68 (up 1.88%). Lockheed Martin added 2.03% to its value, and traded at $397.31.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.