EasyJet (LON: EZJ) share price has bounced off the 457p support, which was mentioned in our last week’s forecast. Airlines stocks performed well in March, and the shares of EasyJet Airlines closed the month with 6.5% gains. This also meant a 57% surge since the start of the year.
After an 11% price increase during the last week, EasyJet shares opened lower on Monday. Till press time, the stock was reading at 516.6p after showing minor losses. Our analysis reveals that the price still has at least two major resistance levels before hitting 600p.
Barclays Upgrades LON: EZJ Outlook
According to analysts at Barclays, the airline shares are expected to report a strong quarter amid decreased fuel prices and an increase in air travel. Despite high-interest rates and recession fears, the summer travel demand is expected to remain elevated. As a result, Barclays has revised its easyJet airlines and IAG outlook from equal-weight to over-weight. This upgrade may act as a catalyst for another rally in EasyJet share price.
In other EasyJet airlines news, the staff of the budget airline went on a 3-day strike on Saturday. This led to the cancelation of many flights. As per the union’s spokesperson, the wages have been frozen since 2019. Apart from a significant wage increase, the employees also want better working conditions.
EasyJet Shares Price Retests Range Highs
The following LON: EZJ chart shows that after bouncing off the 457p range lows last week, the price retested the range highs at 521p. It is also evident from the chart that the price couldn’t close above the range high and hence had a pullback. At the moment, the price is consolidating below the 521p resistance.
Considering the momentum behind the ongoing move, EasyJet share price forecast of $546 seems quite likely in the coming days. This will be a key retest as a reclaim can send the price towards 600p.
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