Is the Rightmove share price set to follow the UK’s house prices to a new record? This week’s earning’s may hold the key.
Rightmove plc (LON: RMV) is trading at 666.60p, lower by 1.00%.
Investors will this week be eagerly awaiting the second-quarter earnings from its largest estate agent.
The focus will be on whether the post-covid housing boom continues to run hot or if the stimulus-fuelled buying frenzy is starting to cool.
And If house prices are any indication, the numbers could favour the former.
The estate agent revealed today that UK house prices have risen to their highest ever. Investors hope the Rightmove share price could soon do the same.
The daily price chart shows RMV has risen almost 20% from May’s 557.00p low. Furthermore, this has lifted the price to within just 6% of the February 2020 all-time high of 705.40p.
Additionally, the Rightmove share price is above the important 50, 100, and 200-day moving average indicators. Furthermore, the 50-day’s positive momentum has lifted it above the 100 and 200 averages.
The 50 DMA at 637.80p should be considered the first level of support.
In the event of a positive data dump on Friday, the first upside target is November’s 685.00p peak. Which, if passed, leaves the obvious target of February 2020’s record price.
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