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EasyJet’s share price fell sharply on Wednesday, marking its third consecutive day of losses as travel stocks continue to drop amid a slower easing of restrictions. The budget airline is also facing other challenges.
Recent news about Morocco canceling flights to and from the UK due to rising COVID-19 cases has further hurt EasyJet’s efforts to recover its passenger traffic to pre-pandemic levels. EasyJet, a popular choice for UK tourists, operates flights to Agadir and Marrakech in Morocco.
As of now, EasyJet’s share price is down by 3.59%.
The share price has broken through the 607.8 support level, setting up a potential move to the 556.0 support level, which is where the double top pattern’s measured move ends. If the decline continues, the price could drop further to 506.4 and 472.0.
On the other hand, if the price bounces back from the 556.0 support level, it could test the 607.8 level again, which would act as resistance. Additional resistance levels are at 655.8 and 692.8. If the share price can break through these barriers and the 200-day moving average at 739.4, it could regain bullish momentum, with 796.2 becoming a new target for upward movement.