The British airline EasyJet announced that it was cutting 4,500 jobs, nearly a third of its workforce, to cope with the shock of the coronavirus pandemic. EasyJet, whose business has been at a standstill for weeks, intends to preserve its finances and adapt to lower air traffic over a long period.
EasyJet also confirms a gradual resumption of flights from 15 June, especially domestic flights in the UK and France. However, EasyJet estimates that its flight capacity between July and September will be only 30% of that of summer 2019.
From a technical perspective, the stock price is escaping from its short term trading range 440 – 700 and is accelerating above its upper Bollinger band. In addition, the daily Relative Strength index (RSI, 14) has broken above its declining trend line and is not overbought (<70%).
Readers may want to consider opening long positions above the support at 596p with 930p as target (measured up move). Alternatively, a break below 596p would call for a reversal down trend towards 440p.
Source: GAIN Capital, TradingView
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