EasyJet share price: EZJ sleeps and waits ahead of July 20th

July 07, 2023 03:00 AM AEST | By Invezz

EasyJet share price: EZJ sleeps and waits ahead of July 20th — Image source: Invezz

JP Morgan boosts EZJ target

EasyJet stock price has moved sideways in the past few months as investors focus on airline demand. Analysts are more optimistic about the company, thanks to the relatively high demand and its strong balance sheet.

The most recent upgrade came from JP Morgan. In a note this month, the analyst lifted its target from 550p to 570p. If this view is correct, it means that the shares will jump by more than 15% from the current level.

Other analysts are also bullish on the EasyJet stock price. For example, Deutsche Bank believes that the shares will jump to 635p while Liberium and Barclays expect the shares will jump to 690p and 580p.

The next important catalyst for the EasyJet shares will be the ongoing Summer travel. Analysts expect that the region will see more disruption during the period. In a statement, Eurocontrol said that it would experience overloads in key airports. Most of these disruptions will happen in places like London, Brussels, and Barcelona.

Still, analysts believe that the company will continue benefiting despite these disruptions. For one, the disruptions are expected to be better than those experienced last year.

EasyJet share price forecast

EZJ chart by TradingView

The daily chart shows that the EZJ stock price has moved sideways in the past few months. It has remained between the important support level at 466.9p and the resistance point at 523p. The shares have struggled to move below the support several times since February. They have also failed to move above the resistance point at 523p.

EasyJet share price is also oscillating at the 25-day and 50-period moving averages. It has also moved slightly above the important 61.8% Fibonacci Retracement level. Therefore, I suspect that the shares will remain in this range for a while. A bullish or bearish breakout will likely happen on July 20th when the company publishes its Q3 trading statement.

The post EasyJet share price: EZJ sleeps and waits ahead of July 20th appeared first on Invezz.

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