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Wizz Air share price is recovering: buy the dip?

Wizz Air (LON: WIZZ) share price has risen in the past two straight days. The shares rose to a high of 1,675p, which was the highest level since September 29. It has risen by more than 25% from its lowest level this month. Other airline stocks like IAG and EasyJet shares have risen sharply in the past few days.

Is Wizz Air a good buy?

Wizz Air is one of the leading regional airlines in Europe. The company has 152 aircraft with an average age of 4.9 years. It employs over 6,100 professionals and carried more than 12.2 million passengers in the recent quarter. Wizz Air operates 970 routes, mostly in Europe.

The company has had a mixed performance this year. Demand for its services has been in a strong rebound as transport and tourism industries. For example, the number of passengers rose from over 2.9 million in its Q1of 2021 to over 12.1 million in Q1 of this year.

Wizz Air’s revenue rose from more than 199 million euros in Q1’21 to more than 808 million euros in Q1 of this year. Its loss rose to more than 284 million euros.

The next key catalyst for the Wizz Air share price will be the upcoming first-half result scheduled on November 2. Judging by results by IAG and EasyJet, there is a likelihood that the company will publish strong quarterly results. 

For example, EasyJet said that its total revenue rose by 524% to 1.49 billion in the first half of the year. Similarly, IAG said that its revenue rose to more than 8.4 billion euros in the first half of the year.

Another challenge for Wizz Air is the strong US dollar. In the most recent quarter, its reported loss of 453 million euros because of the strong US dollar.

Wizz Air share price forecast

The daily chart shows that the Wizz share price has been in a strong bearish trend in the past few months. It managed to move below the important support level at 1,663.5p, which was the lowest level on July 5.

The stock has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point at 50. It has also formed a break and retest pattern, meaning that it will likely resume the bearish trend after earnings.

The post Wizz Air share price is recovering: buy the dip? appeared first on Invezz.

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