EasyJet (LON: EZJ) share price appears to be range bound after having a massive pullback this month. Our analysis shows that the shares are preparing for a major move after some consolidation. Currently, shares of EasyJet airlines are 10% down from their monthly high.
On Monday, most UK shares showed a positive price action as the FTSE 100 index gained 76 points. However, the benchmark index failed to break above the 7500 points level once again. EasyJet shares also rose by 1.6% after showing increased volatility.
According to a recent statement from the CEO of EasyJet Holidays, Garry Wilson, the holidays division of the low-cost carrier is on track to become a billion pounds business. He shares these views with The Mail. He also revealed his intentions to triple the division’s current turnover of £386 pounds within the next few years.
Since the start of 2023, EasyJet share price has been one of the best performers in the airline industry. Even after a 10% pullback in the past two weeks, shares of EasyJet (LON: EZJ) airlines are still up more than 44% in the year.
On the lower timeframe, LON: EZJ shows a retest of the range lows that lie at 457p. Due to the presence of the February low in this region, it has become support. As long as the price remains above this level, my EasyJet share price forecast will remain bullish for 2023.
However, the retest of the 200-day moving average will be on the cards if the price breaks below $457p and its March lows. The 200 MA on the daily chart currently lies at 396.4p, which is 16.5% below the current price of 475p. This move was also discussed in our last week’s analysis.
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This post was last modified on Mar 27, 2023, 14:04 BST 14:04