EasyJet Testing Bearish Channel
Shares in UK airliner EasyJet are reversing lower from initial gains following today following the firm coming under criticism following the latest wave of flight cancellations over the week. Holidaymakers and other passengers were left in distress following the cancellation of around 200 flights which left some UK airports in chaos over the weekend. Easynet announced plans to cancel around 240 flights over the next week. This latest wave of cancellations comes on the back of EasyJet cancelling 200 flights last week due to a technical issue.
EasyJet has been caught up in a string of cancellations and other issues recently with much of the disruption linked to staff shortages around COVID. However, despite the setbacks, the massive uptick in demand for air travel this year on the back of the pandemic means that EasyJet stock looks likely to remain support near-term.
Technical Views
EasyJet
Shares in the company are currently testing the bearish trend line from YTD highs. With both MACD and RSI bullish here, the focus is on a continuation higher if bulls can break above the 570.4 level. Above there, 647.4 is the main target. To the downside, 482.4 is the key support to note.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.