Royal Mail Share Price Soars As UK Stocks Join Global Rally

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Written By: Abdullah Sarwar

Nov 15, 2023, 16:01 GMT 16:01

Summary:

Royal Mail share price has hit a major resistance after a bounce from the 200 MA earlier this month. A breakout above 252p will be very bullish.

Royal Mail share remains on an upward trajectory for the third consecutive day, as UK stocks join the global rally. Traders celebrated as recent US data indicates a slowdown in October spending, suggesting the Federal Reserve may conclude its rate-hike policy and adopt a more dovish stance sooner than expected.

At the current time, the shares for Royal Mail are changing hands at 246.6p after rallying 4.65% from its weekly low. Despite the positive price action, Royal Mail is in deep trouble as the U.K. Office of Communications fines it 5.6 million pounds for missing its delivery targets.

The chart indicates that LON: IDS rallied 7% after finding some dynamic support from the 200 MA level. The shares also retested the 252.2p key resistance level but were unable to break above it.

In case of a breakout above 252.2p, I expect the bulls to have a field day as this move will flip the Royal Mail share price forecast bullish, putting a retest of the supply zone of 272p on the cards.

LON: IDS Analysis & Chart

This post was last modified on Nov 15, 2023, 16:02 GMT 16:02

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.