Aayush Jindal
Key Highlights
- Japan Airlines’ stock price climbed above the ¥2,885 resistance.
- It broke a major bearish trend line at ¥2,855 on the daily chart.
- In the third FY quarter, the company posted revenue of 1 trillion and 249.3 billion Yen.
- The price could gain bullish momentum if it clears the ¥2,950 resistance.
Japan Airlines Price Analysis
After finding support near ¥2,670, Japan Airlines (TYO: 9201) started a fresh increase. It climbed above ¥2,780 to move into a positive zone.
In Feb 2024, the company published its earnings report for Q3 2023. Revenue was 1 trillion and 249.3 billion Yen, which is a 243 billion yen increase year on year. EBIT was 128.9 billion yen, and Net Profit was 85.8 billion yen.
Looking at the daily chart of Japan Airlines stock, there was a break above a major bearish trend line at ¥2,855. The price even retested the ¥2,950 resistance zone.
It is now consolidating gains below the ¥2,950 resistance. If the bulls manage to pump the price above the ¥2,950 resistance, there could be a strong increase. In the stated case, there could be a drift toward the ¥3,050 level or even ¥3,120.
On the downside, the price might find bids near the ¥2,885 level. The first major support is near the ¥2,842 level or the 38.2% Fib retracement level of the upward move from the ¥2,670 swing low to the ¥2,950 high.
Any more losses might send Japan Airlines (TYO: 9201) prices toward the ¥2,775 zone. The next major support sits at ¥2,680.
Today’s Key Economic Releases
- Germany’s Manufacturing PMI for March 2024 - Forecast 41.6, versus 41.6 previous.
- Euro Zone Manufacturing PMI March 2024 – Forecast 45.7, versus 45.7 previous.