MANCHESTER UK, 30 MAY 2019: Easyjet Airbus A320 flight U21912 from Palma de Mallorca lands on runway 23R at Manchaester Airport.
easyJet (LON: EZJ) share price has broken above the key resistance level of 428p. The shares of the low-cost carrier are currently up 4.7% from their August low. This was due to the prevailing bullish sentiment in the UK stock market. The shares were trading at 432p, up 1.67% till press time.
Investors use indices like FTSE 100 to judge sentiment in the equities market. The FTSE 100 Index has significantly recovered since last week, currently up 3% from its August lows. This is a bullish sign as investor confidence grows in the UK stock market.
Several airlines like Ryanair, Wizz Air, and easyJet have been accused of “drip-selling” in Europe as they charge the highest hidden fees to customers. Ryanair was accused of charging 344% of its average £18.39 flight cost, while easyJet’s hidden costs stood at £62.84 on average or 170% of its flight cost.
In other news, the glitch in the British air traffic control that caused thousands of flight cancellations and delays in and out of the country has been fixed. However, it is estimated that the airlines suffered around $126 million in losses due to the glitch.
The chart for LON: EZJ depicts the price trading above the 428p support level. On 24th August, the price broke below the 428p support level but the bulls have now pushed it above once again. The chart also shows the confluence of 200 MA and the previous range low at 457p.
It is critical for the price to hold the 428p support level for the easyJet share price forecast to flip bullish. My immediate bullish target will be the retest of the 200 MA and the previous range low of 457p. However, this scenario will be invalidated if the price fails to hold the 428p support level.
In the meantime, I’ll keep sharing the updated easyJet forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 04, 2023, 21:10 BST 21:10