EasyJet share (LON: EZJ) price is gaining momentum after rising to its highest level since July 2023. There seems to be more upside for the airline stock in the coming days as the price action seems to be very bullish. However, the bulls still need to find strength above £4.89 level which is acting as a resistance.
On Wednesday, easyJet shares slipped 0.21%. The shares of the low-cost carrier opened lower but the buyers stepped in later in the day. At press time, the stock changed hands at £4.89 which is the middle of the current trading range in which.
Shares of most European airlines also faced increased selling pressure today as JPMorgan downgraded the stocks of Lufthansa, Air France and IAG due to concerns on the increased capacity. However, the investment giant prefers low-cost carriers over network airlines.
The FTSE 100 index showed positive sentiments on Wednesday as the index gained 22 points. The next couple of days will be very critical as the US Fed, ECB, and BOE will be deciding on the interest rates in their respective jurisdictions. These key economic events will keep the Western equity prices in check.
EasyJet Share Price Forecast
Its incredible how the £4.57-£5.22 trading range is still valid. Since the start of this year, most price action has occurred within this specific range. Currently, the stock is retesting the middle of this trading range and bulls may soon retest the range highs around £5.22.
However, the easyJet share price forecast can still turn bearish if bulls fail to break above the £4.89 level. In that case, I expect another retest of the range lows around £4.57 where also lies the 200 moving average on the daily timeframe. This level will be acting as a major line in the sand for most investors and traders.
