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Aviva Share Price Retests June Lows As FTSE 100 Index Tanks

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Written By: Abdullah Sarwar
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  • Aviva Share Price Forecast: LON: AV is retesting June lows once again. I expect a bounce soon if the price holds 366p-380p level.

Aviva (LON: AV) share price is once again in a downtrend after a brief rebound from the June lows. The shares are currently retesting last month’s lows which lie at a very strong support zone. The recent bounce was accurately predicted in my previous forecast.

On Friday, the benchmark index of UK equities, FTSE 100 index, fell to its lowest level since March 20. This marked the fresh 3-month lows for the index, which is a major sign of weakness in UK stocks. Aviva share price remained green in this correction and was up 0.26% till press time.

HSBC Upgrades LON: AV Rating

As per the latest Aviva plc news, HSBC has upgraded the rating of the British insurer from ‘Hold’ to ‘Buy’. According to the major bank, Aviva is currently offering very attractive capital return profiles in the sector. HSBC expects a 12% total capital return yield in 2023-2025, on average.

Aviva share price is currently trading 18% below its yearly peak. Currently, the shares are grabbing liquidity in a major demand zone which may result in a strong bounce. The deteriorating economic conditions of the West are acting as headwinds for the insurance giant.

Aviva Share Price Forecast July 2023

The latest analysis reveals that LON: AV price may have another bounce soon. This is due to the bullish divergences on RSI and MFI indicators. The invalidation of this move will be a breakdown below the October 2022 low of 366p.

Aviva share price forecast will become very bearish if it breaks the demand zone visible on the following chart. In case of a bounce, the shares may retest the key psychological level of 400p once again. A break above this price target will be a strong bullish reversal signal.

In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades and the latest analysis on Aviva stock.

LON: AV Daily Chart

This post was last modified on %s = human-readable time difference 11:44

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar