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The Rolls Royce share price is up today after the company announced that it would carry out a joint research program into new aerospace propulsion sensing technologies. This research is to be performed with Saab and aims to improve the accuracy of performance of engines using lower weight solutions.
Rolls Royce says that the research is the result of a collaboration between the British Aerospace Technology Institute and Sweden’s Innovair, and will enable both companies to improve engine design and performance in their various endeavours. Rolls Royce makes engines for airplanes, while Saab is a car manufacturer. Both companies are hoping that investment in more efficient engine technologies will drive sales and boost recovery from the downturns faced during the coronavirus pandemic.
Today’s bullish move puts the Rolls Royce share price in a position to challenge the resistance at 116.05. A break of this level allows 122.30 to come into view, with 134.30 and 140.55 lining up as potential targets to the north.
On the flip side, rejection at 116.05 allows sellers to put the ascending trendline at risk. A breakdown of this trendline brings 103.65 into the picture, with 99.90 and 84.95 serving as additional downside targets that could become relevant if a price decline continues.
