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EasyJet Share Price Consolidate Before A Major Move

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Written By: Abdullah Sarwar
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    Summary:
  • EasyJet Share Price Forecast: Our analysis shows that LON: EZJ can drop below 400p if it breaks below 457p.

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.

EasyJet Holiday On Track To Hit £1 bn Turnover

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.

EasyJet Share Price Retests Range Lows

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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EasyJet (LON: EZJ) Chart

This post was last modified on Mar 27, 2023, 14:04 BST 14:04

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar