Rolls Royce Shares Targets 261p As Bears Get Rekt

Published by

Written By: Abdullah Sarwar

Nov 15, 2023, 16:25 GMT 16:25

Summary:

Rolls Royce share price forecast is looking very bullish after breaking the bearish market structure. The next target could be 261p.

Rolls Royce shares seem to be a goldmine for the bulls, soaring to their highest point since February 2020. This uptick was further fueled by overall improved investor sentiment in global stocks supported by the UK and US both reporting softer inflation data.

In recent developments, Emirates decided against a deal to purchase Airbus A350-1000 jets, citing concerns about Rolls Royce’s engines. Despite this setback, Rolls Royce shares have surged 5% since the news.

The shares of the British jet engine manufacturer are currently priced at 242.9p, reflecting a 1.6% increase in the daily timeframe.

After the head and shoulders breakdown which I predicted in my previous analysis, LON: RR has now performed a bullish reversal. Given the circumstances, the most likely scenario seems to be the retest of the supply zone that lies above 250p.

While the above Rolls Royce share price forecast suggests a very bullish outlook, there is a slight chance for the bears to profit if the price dips under the 198p support level which is 18% below current levels.

LON: RR Technical Analysis

This post was last modified on Nov 15, 2023, 16:25 GMT 16:25

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.