Jet2's share price continues to drop on the Greek wildfire chaos.

Jet2 is currently facing issues with holidays in Rhodes, Crete & Corfu. This will have an effect on bookings and refunds and while bookings may be pushed back this natural disaster is going to cause issues for the airline, especially if this continues. Looking at the 14-day weather forecast All 3 islands are expecting continuous heatwaves of over 30*c with no rain and therefore unless fires can be put out manually this could be quite a persistent issue right now. Easyjet, Ryanair, Tui & IAG will all likely see some revenue and cashflow hits.

Looking at the chart, towards the downside, Jet2 does have levels of support. Initial support for the stock sits at £11.00, which is the 2-week low. Further downside for the airline sees the lower Bollinger and July low act as the next level of support at £10.77. A break of this would be very negative and could see Jet2 fall further towards £10.45 and then £9.35 in extension (January 2023 low). MACD is currently negative on the 4-hourly, daily & weekly timeframe. with RSI reading 42 & 45 (weekly and daily retrospectively) This could suggest further downside before oversold conditions in the share price.

Towards the upside, Jet2 faces some tough resistance at £12.45 (last week's high) followed by the down-trending channel at £12.70 and then the upper Bollinger band at £13. A break above £13 would be bullish for Jet2 and could suggest that the stock is out of the current negative channel.