British stocks, including Royal Mails (LON: IDS) shares remain cautious as the global stock rally cools down. The recently released UK PCE inflation numbers caused a weakness as investors feared that the ongoing tightening cycle might get prolonged.
The impact is even more evident in the FTSE 100 index, which fell to its fresh weekly lows on Wednesday. However, Royal Mail share price showed resilience and was up 1.23% at press time. The broader market sentiment in the London Stock Exchange remained negative.
Technical analysis shows that the shares of International Distributions Services have faced another rejection from the 252p which has the potential to make its forecast very ugly for the bulls. If the stock doesn’t reclaim this level soon, the outlook will be very bearish.
However, the stock got a strong bounce on Wednesday after hitting its 200-daily moving average. The price opened at 237p but gained 10 pence as the buyers were quick to buy the dip. However, if the stock loses its 200 MA in the coming days, the bearish target of 201p will become valid.
This post was last modified on Nov 29, 2023, 16:50 GMT 16:50