- Summary:
- The Ocado share price could defend the 1660.0 support if the market responds positively to its foray into self-driving delivery vehicles.
The Ocado share price continues to trade in a range this Wednesday, as the bulls try to defend key support at 1660p. This comes amid the plans by the company to launch self-driving delivery vans as part of its rebranding processes.
Ocado has indicated that it will invest £10m in Wayve, a self-driving technology start-up. This partnership will allow Wayve’s driverless technology to be installed on Ocado’s delivery vans for testing over the next 12 months. Ocado hopes to use the technology to improve the quality of its delivery services and collect data to enhance the technology.
The Ocado share price has seen a systematic decline over the last six months as the reopening of the UK economy has allowed consumers and shoppers to return to their old shopping habits, which entail physical shopping in brick-and-mortar outlets.
The Ocado share price is down by 0.84% as of writing.
Ocado Share Price Outlook
The Ocado share price is barely hanging on to the 1660.0 support level. If the bulls fail to defend this support, 1558.0 becomes the next available target (23 April 2020 low and 20 March 2020 high). A continued decline in price allows the 7 April 2020 high at 1420.0 to come into the picture.
On the flip side, a bounce on the 1660.0 support follows a successful defence of that price level. This bounce redirects the price towards the 1741.5 resistance. It also keeps 1825.5 and 1898.0 in the running as additional targets to the north. 1995.0 becomes a new target for the bulls if the advance continues.
Ocado Share Price Chart (Daily)
Follow Eno on Twitter.