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Aston Martin Share Price Surges As FTSE 100 Index Extends Gains

Written By: Abdullah Sarwar
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Shares
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Abdullah Sarwar Lead Market Analyst
    Summary:
  • Aston Martin Share Price Forecast: LON: AML is having a great week as the shares are up 5% fueled by rising FTSE 100 Index.

Aston Martin (LON: AML) share price is having a great week after a sharp decline in the past few weeks. The shares are 5% up this week as the pre-Easter bounce continues. Our analysis suggests the shares of the British luxury sports car manufacturer can go much higher if they reclaim a key level on their chart.

Major UK shares remained green on Wednesday as the benchmark FTSE 100 index surged to its highest level in four weeks. Till press time, the index was up 61 points which depicted an overall positive investor sentiment. Aston Martin shares also showed a positive price action and were trading 3.16% higher at the time of writing.

Goldman Sachs Increases Its LON: AML Target

According to the most recent Aston Martin news, Goldman Sachs has revised its price target for the shares of the grand tourer manufacturer. The stock price forecast was lifted from 182p to 211p. However, the company maintained its neutral outlook on the stock. Currently, Aston Martin share price is trading 12% above this price target.

The US Consumer Price Index (CPI) report for March 2023 was released today. The report showed a decrease in inflation during the last month. The markets took the news very positively, and the UK shares extended their gains. At the time of press, FTSE 100 index was up 0.68% for the day.

Aston Martin Share Price Bounces Off The Trendline

The LON: AML chart shows that the shares have recently bounced off the upwards trendline on their daily chart. This bounce has resulted in almost 12% gains within the last three trading sessions. Currently, the shares are retesting a supply zone which may result in a pullback in the coming days.

This supply zone is the 233p-242p region which has resulted in multiple rejections in the past. If the price fails to break its level soon, then another retest of the trendline is likely. This is also the only major resistance that lies before 300p.

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Aston Martin share price chart
LON: AML Chart

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