Severfield Eyes More Gains Before Financial Results

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Written By: Abdullah Sarwar

Nov 16, 2023, 16:33 GMT 16:33

Summary:

Severfield share price forecast is looking bullish ahead of financial results release. Bulls may target 66.6p soon.

The shares for Severfield are having a 1.22% correction on Thursday. However, the shares of the structural steel works firm are looking set for more gains in the coming days. This is because the bulls are targeting the range high which is a couple of pennies above the current price.

Today’s negative price action in the Severfield share price comes due to a major rejection in the FTSE 100 index. The benchmark of the UK equities reversed its Wednesday gains as Burberry shares plummeted 8.1% on the concerns of the firm missing its revenue targets.

LON: SFR closed the penultimate session of the week at 64.8p. Nevertheless, the shares remain 4.18% up from their last weekly closing and the outlook is looking quite positive.

If we perform a technical analysis on the Severfield share price then we can see that the stock has been range-bound since September. The range highs lie around 66.6p which the bulls might target in the coming days. The invalidation of this price forecast will be a clear break below 63.2p.

LON: SFR Chart

This post was last modified on Nov 16, 2023, 16:33 GMT 16:33

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.