easyJet (LON: EZJ) share price has started the week with a positive price action. The UK stock market is showing a positive sentiment as the FTSE 100 index opened slightly higher. At press time, the benchmark index was up 10 points after a little correction from the high of the day.
After dropping to its fresh 3-month lows in June, easyJet shares have rebounded strongly. Currently, the stock of the low cost British carrier is up more than 5% from the lows. However, on a higher timeframe, the price is still hovering inside the same trading range.
As per the most recent easyJet plc news, RBC has started to cover the stock with a sector perform rating. RBC has a price target of 540p for the airlines stock. This price target looks pretty much achievable but only if the travel demand remains high throughout this summer.
The high inflation and an increased cost of living are the biggest headwinds for easyJet share price which has been trading sideways since the start of 2023. However, many analysts still expect the travelling to return to its pre-lockdown levels this year.
The latest analysis reveals that the LON: EZJ has broken above the range mids after trading below it for a few days. While this move signals strength, the retest of the range lows still remains a possibility. As evident from the following chart, the range lows currently lies at 457p.
easyJet share price forecast depends on the bulls’ ability to break above the range highs of 522p. A break above this level can propel the price towards RBC target of 540p within a very short time. However, the broader market sentiment and the inflation data will keep affecting the price in the coming weeks and months.
In the meantime, I’ll keep sharing updated easyJet share price analysis and my personal trades on my Twitter where you are welcome to follow me.
This post was last modified on Jul 03, 2023, 14:29 BST 14:29