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Japan Airlines Stock Could Rally If It Clears This Hurdle

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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.
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