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JetBlue Airways stock price surged nearly 5% in intraday on Wednesday and currently trades at $4.73. - 2
JetBlue Airways share (NASDAQ: JBLU) price is trying to recover from a record low of $4.34. - 3
The daily chart illustrates the momentum in buying in the recent sessions.
JetBlue Airways Corp. stock price has lifted more than 8% in the recent sessions including a 4.88% jump in the last session. The bulls are trying to get into the game after the price slipped to hit a record low of $4.34.
The price trend analysis demonstrates that JetBlue Airways’ share price showed a free fall over the daily charts for the last two and half months. The selloff was initiated after the stock price attempted to surge above the round level of $10. Furthermore, the breakdown below the 50-day EMA added fuel to the declining price and it hit a record low of $4.34.
Currently, the JBLU stock price trades at $4.73 and is trying to recover from the decline. The price has surged more than 8% in the recent sessions. However, the required surge to turn the trend in the favor of buyers is more than 50%. Hence, more buying with high volume is required to accumulate at the lower levels in order to shift the trend.
JetBlue Airways stock derivatives data analysis states that the current implied volatility in the market is 63.2% with an increment of 1.8% in the last trading session. The at-the-money strike price has 1516 open contracts on the PUT side and 1008 open contracts on the CALL side indicating the dominance of buyers at the CMP.
JetBlue Airways Stock Price Forecast For 2023
The average analyst price target for JetBlue Airways stock in 2023 is $5.91, which represents a potential upside of 24.9% from the current price. However, there is a wide range of analyst price targets from $4 to $7.50.
The most optimistic analysts believe that JetBlue Airways stock could reach $7.50 indicating a maximum upside potential of 58.56% in 2023 if the global transportation demand grows strongly. It will also grow if JetBlue Airways is able to successfully execute its growth plans.
Technical Indicators Signal Neutral To Bullish Outlook
The overall technical indicators including RSI and MACD opinion rating for the JBLU stock is a 90% sell with a strong short-term outlook on maintaining the current trend.
Conclusion
JetBlue Airways’ stock price fell sharply from $10 to $4.34 in two and a half months due to low demand and a 50-day EMA breakdown. The price rose 8% recently but needs a more than 50% surge to reverse the trend. Analysts have a wide range of price targets from $4 to $7.50 for 2023, with an average of $5.91. The highest target implies a 58.56% upside potential if the company can grow its business and benefit from the recovery of transportation demand.
Technical Levels
- Support Levels: $4.34 and $4.01
- Resistance Levels: $5.16 and $5.58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/05/jetblue-airways-stock-has-potential-to-gain-58-says-analysts/