Ryanair: challenging bottom edge of the rising channel

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September 4, 2020 5:57 AM
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Ryanair announced plans to raise gross proceeds of approximately 400 million euros through placing of new ordinary shares of 0.006 euro each to institutional investors. The company said: "The Placing is expected to help better position the Group to move quickly to capitalise on such opportunities should they arise. Additionally, the Placing should significantly de-risk the Group's debt repayments over the next 12 months."

From a chartist’s point of view, the share price is nearing the lower end of an upward-sloping channel in place since July. The daily relative Strength Index (RSI, 14) is holding above its horizontal support at 40%. The medium term trend remains neutral between 9.91E and 13.33E. The short term trend remains bullish as long as 10.71E is support. Caution: a break below 10.71E would call for a reversal down trend. 

Source: GAIN Capital, TradingView


Related tags: Coronavirus Equities

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