After its reversal to the upside in the end of August, the Ryanair Holdings Plc stock, which is listed in the US on the Nasdaq Global Select Market Composite (NASDAQGS: RYAAY), recovered more than half of its losses made between mid-April and mid-August. From the technical side, we can see that the stock has been trending higher, while trading above its short-term upside support line taken from the low of September 3rd. From around mid-October though, the price action is stuck roughly between the 72.13 and 75.01 level, which are currently forming a small range. Given the recent uprise, there is a good chance we may see a continuation of that, at least in the near term, especially if the price stays above the aforementioned upside line.
As mentioned above, if RYAAY remains above the short-term upside support line, this could give hope that the stock might move further north. But in order to get more comfortable with higher levels, a break of the upper bound of the previously-discussed range, at 75.01, would be needed. Such a move might push the price further up, potentially targeting the 76.67 obstacle, a break of which may clear the path to the 79.35 zone. That zone marks the high of May 1st.
Alternatively, if the aforementioned upside line breaks and the price slides below both, the 200-day EMA and the 69.97 hurdle, which is the high of October 10th, this might clear the path for further declines. We will then examine the 68.22 hurdle, a break of which may help RYAAY to re-test the 65.60 level, marked by the low of October 8th.
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