Volex (LON: VLX) share price is getting a bullish outlook after the release of its half-yearly results. Additionally, the electronic connecting equipment manufacturer also reported its Q2 results for FY24.
The upbeat first-half results showed that the company’s revenue remained at $397 million against the forecasted figure of $357.5 million. There was also a notable increase in its underlying profit, which came to $33.6 million against the market expectations of $29.1 million.
As a result, Volex shares surged 5.41% on Thursday. The shares contained the surge on Friday but the bears pushed the price below its open. Nevertheless, at press time, the shares were still up 0.96% from their previous close.
If we perform technical analysis on the lower timeframe, then we can observe a breakout above the range highs. This breakout has made Volex share price forecast even more bullish with the first target of 340p.
Due to the weekly imbalance, there is also a chance of the price soaring above 400p but it is better to wait until a breakout above 340p. The invalidation will be an acceptance back below the previous range highs around 295p.
This post was last modified on Nov 24, 2023, 14:00 GMT 14:00