Ryanair Shares Recoup From Belarus Hijacking, Still Ranging The price action of RYA has been range-trading for quite a while now, mostly being concentrated between the major resistance level at 17.100 and the major support at 15.100.
The massive Marabozu candle that is forming today could potentially indicate the termination of the sell-off. Moreover, Ryanair's stock may be due for another attempt at breaking the range and continuing to climb higher.
That is so because the Flag, as a classic trend continuation pattern, is found after a Wedge. The latter represents a type of pattern that is commonly found at the lower end of a downtrend or range.
Market bulls should not disregard the fact that the Stochastic RSI indicator is nearing its overbought extreme, which, given the still prevailing range-trading sentiment, could prompt yet another reversal.
For more risk-averse bulls, the most optimal thing to do would be to wait for the price to pull back to 17.100 following a decisive breakout, which would underpin robust buying sentiment in the market.
