- Summary:
- The ITV share price could soon start to see some upside push if the bullish divergence on the daily chart starts to play out.
The pandemic hit the ITV share price, as restrictions meant that several shows and TV productions had to be cancelled, costing the company millions of pounds in lost revenue. The lifting of restrictions meant that the company could resume work on some of its cancelled projects. This situation allowed its share price to recover in the first half of 2021.
The ITV share price did not do well in the 3rd quarter, falling from its 14 June high of 134.15 to the 7 October low of 103.45. However, there is potential for a resurgence in the ITV share price, as the daily chart shows an evolving bullish divergence of the RSI indicator. The company is set to feature a new series on late alleged paedophile Jerry Saville. It has also extended The Voice franchise, and new series such as Without Sin are hitting its airwaves. Programs such as this could get the viewers tuning in by the millions.
The future looks bright for ITV, but additional buying volume needs to come into the stock for the recovery to take off. The ITV share price is up 1.11% on the day.
ITV Share Price Outlook
The intraday bounce at the 104.05 support needs additional momentum to aim for the 111.70 resistance barrier. This move requires the price to push above the channel’s upper boundary. If the ascent extends above 111.70, the ITV share price will have clear skies to aim for the 120.10 resistance (31 March/11 May lows). 128.00 and 132.70 are additional price targets to the north.
On the other hand, a decline below 104.05 allows the bears to aim for 97.75 (11 December 2020 and 27 January 2021 lows). 91.20 comes into the picture if the bears take out the support at 97.75.
ITV Price Chart (Daily)
Follow Eno on Twitter.