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EasyJet (LON: EZJ) share price has been showing strength since the start of the month. The shares of the British low-cost carrier have recently faced another rejection from the key psychological level of 500p. The technical analysis reveals that there could be more downside for the stock if it breaks below another key level. The British stock market showed a mixed sentiment on Wednesday. The benchmark FTSE 100 index was trading 0.15% higher after gaining 11 points. However, the easyJet shares showed a negative price action and closed the day with a 0.90% loss. Moody’s Increases LON: EZJ Price Target As per the most recent EasyJet news, the top rating agency Moody’s, has improved the outlook of easyJet stock. Moody’s revised the company’s outlook from stable to positive while affirming its Baa3 long-term issuer. Just a few weeks ago, the private wealth management firm Bernstein revised the easyJet share price target to 500p from its previous figure of 550p. The FOMC meeting in the United States is underway and will conclude with a key decision on interest rates. The release of the latest earnings report was the biggest headwind for EasyJet. The six months report showed that the pre-tax losses were 25% lower than during the same period last year. EasyJet Share Price Needs To Hold 490p The following LON: EZJ chart shows that the price is still trading within the 458p-522p range. Currently, the price is hovering around the range mid that lies at 490p. If the shares fail to break above 500p soon, then there is a higher likelihood of a pullback from this level. EasyJet share price forecast of 522p will be valid once the stock breaks above 500p. However, a break of 490p will open the doors for another retest of the range lows that lie at 458p. Furthermore, if the UK economy enters a recession, air travel may significantly decrease. This may further increase the headwinds for the airline operators like EasyJet. In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades and the latest analysis on easyJet shares. LON: EZJ Chart