The outlook on the airline stocks in general and the easyJet share price in particular is looking very bullish. The stock of the low-cost European carrier is up 25% after marking a bottom around 350p in October.
A similar uptrend is being observed in the shares of other European airlines like IAG, Ryan Air and Wizz Air. This bullishness appears to be a result of the recently released financial results from Ryan Air which predicted the full-year earnings to hit an all-time high while also announcing the first-ever dividend.
On Friday, easyJet share prices were up 2.9% as the UK stocks rebounded after facing increased selling pressure on Thursday. Technical analysis shows that the bulls may soon target the 456p level which was a previous range low and may now act as a resistance.
I expect some profit taking in the coming days. However, an acceptance above the 456p level might result in a strong bullish push toward the yearly peak which lies around 534p. The invalidation of this bullish easyJet forecast will be a breakdown below 428p.
This post was last modified on Nov 17, 2023, 15:09 GMT 15:09