Aeroflot Down 60%It’s been a dismal few weeks for Russian airliner Aeroflot. Shares in the company have fallen around 40% since the Russian invasion of Ukraine. Overall, prices are now down by almost 60% on the year, extending the declines seen over the end of 2021. Aeroflot has been hit hard by the West’s response to the invasion of Ukraine which has seen many countries banning Aeroflot from using their air space or landing. Additionally, in light of the conflict, domestic demand has dropped considerably, a theme which looks set to continue while the war in Ukraine drags on. This is also happening at a time when oil prices are at their highest levels since 2008, putting further pressure on the airline. Looking ahead, the outlook for Aeroflot remains bleak while the invasion of Ukraine continues and the company remains subject to global sanctions.Technical ViewsAeroflotThe sell off in Aeroflot has seen the company’s stock price collapsing below the bearish channel which had framed the decline from Q3 highs, and below the 50.98 level support. Price is currently sitting on support at the 35.42 level. However, with both MACD and RSI firmly bearish, the stock is vulnerable to further collapse with 31.90 and 26.06 the next support levels to note.
Source: Tickmill
