Aircastle Limited (NYSE:AYR) shares surged 10.11% during trading on Thursday, going up from its prior closing price of $21.77 to $23.97 , and has now gained 3 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 6 of the last 10 days and has generated 11.49% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 2.11 million more shares exchanged hands compared with prior day. In total, 2.33 M shares exchanged hands for about $55.88 million.
Inside AYR’s Recent Trend
Aircastle Limited (AYR) has broken the wide and falling short-term trend up. Initially a lower tendency for declines in the price is indicated and this might very well be an early sign that a trend shift is more likely to happen in the next couple of days. In case of reaction, the stock will see strong support at $22.49, a point that may provide a 2nd chance needed to hit a runner. The next trend top is most likely to be exhibited at $24.57 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
Aircastle Limited Technical Signals
AYR has witnessed its long term and short term MA triggering a buy signal. Many traders watch for short-term averages to cross above long-term averages to signal the beginning of a uptrend. Upon corrections, the price will meet support from the averages between $22.03 and $21.87. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Thursday July 06, 2017, which calls for additional surge until the stock forms a new pivot point high. There was increase in both volume and price. This is usually interpreted as a good sign as traders widely believe rising stock should see increasing volume.
Aircastle Limited (NYSE:AYR) Support And Resistance Levels
Aircastle Limited (AYR) recorded volume accumulation so there will probably be a surplus of buyers at $23.62, $21.94, and $21.85. It seems to be blessed by the accumulated volume as it meets no resistance above current level and favorable trading conditions will help the stock to show strong performance in the coming days.
Aircastle Limited (AYR) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $2.53 (11.78%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.70%.
The stock is extremely overbought on RSI14 (79). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.