Deliveroo Share Price May Keep Rising In The Coming Weeks – Here’s Why

Published by

Written By: Abdullah Sarwar

Nov 22, 2023, 15:54 GMT 15:54

Summary:

Deliveroo Share Price Forecast: LON: ROO has broken above 132p resistance. The next possible target could be above 180p.

The bull run in the Deliveroo (LON: ROO) share price may continue as the stock has overcome a major resistance on its chart. The rally is fuelled by an improved market sentiment due to the cooling down of inflation and due to a technical breakout.

On Wednesday, the share of the delivery company showed increased volatility. The shares opened lower at around 135.5p but the buyers immediately stepped in and pushed it higher. Consequently, the stock was changing hands just above 140p till press time.

According to the latest Delveroo news, the company’s stock has received a rating downgrade from Bernstein. In addition, the private wealth manager has reduced its price target for ROO from the previous 170p to 150p.

However, the following chart tells a different story. The recent breakout above 132p has turned the Deliveroo share price forecast very bullish. If the price flips this level into a support in the coming days, I expect a move toward the weekly imbalance that lies above 180p.

LON: ROO Chart

This post was last modified on Nov 22, 2023, 15:54 GMT 15:54

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.