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