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Aston Martin Share Price Surges As FTSE 100 Index Extends Gains

Written By: Abdullah Sarwar
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--FILE--A NextEV Nio EP9 electric supercar is on display at the NIO House in Shanghai, China, 16 November 2018. China's Tesla wannabe Nio Inc. said its 2018 vehicle sales totaled 11,348 units, making it the first Chinese electric-car startup to top 10,000 sales in a year. U.S.-listed Nio has partnered with conventional automaker JAC Motors to produce its pure electric model ES8 since 2016. In December, Nio launched its second commercial model, the five-seat ES6 SUV. Nio has been planning to set up its own manufacturing facility. In January 2018, it was reportedly in talks with the Jiading district in Shanghai for a new factory. In September, Nio confirmed a plan for building a Shanghai factory by 2020. However, the plan has apparently fallen under the shadow of Tesla's groundbreaking in Shanghai, where its new factory is set to start production of the Tesla Model 3 by the end of this year.

Aston Martin (LON: AML) share price is having a great week after a sharp decline in the past few weeks. The shares are 5% up this week as the pre-Easter bounce continues. Our analysis suggests the shares of the British luxury sports car manufacturer can go much higher if they reclaim a key level on their chart.

Major UK shares remained green on Wednesday as the benchmark FTSE 100 index surged to its highest level in four weeks. Till press time, the index was up 61 points which depicted an overall positive investor sentiment. Aston Martin shares also showed a positive price action and were trading 3.16% higher at the time of writing.

Goldman Sachs Increases Its LON: AML Target

According to the most recent Aston Martin news, Goldman Sachs has revised its price target for the shares of the grand tourer manufacturer. The stock price forecast was lifted from 182p to 211p. However, the company maintained its neutral outlook on the stock. Currently, Aston Martin share price is trading 12% above this price target.

The US Consumer Price Index (CPI) report for March 2023 was released today. The report showed a decrease in inflation during the last month. The markets took the news very positively, and the UK shares extended their gains. At the time of press, FTSE 100 index was up 0.68% for the day.

Aston Martin Share Price Bounces Off The Trendline

The LON: AML chart shows that the shares have recently bounced off the upwards trendline on their daily chart. This bounce has resulted in almost 12% gains within the last three trading sessions. Currently, the shares are retesting a supply zone which may result in a pullback in the coming days.

This supply zone is the 233p-242p region which has resulted in multiple rejections in the past. If the price fails to break its level soon, then another retest of the trendline is likely. This is also the only major resistance that lies before 300p.

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Aston Martin share price chart
LON: AML Chart