Aviva (LON: AV) share price is currently recovering from a big sell-off in May 2023. The shares of the insurance and pension giant have been rising for the past few days. However, I’m still not convinced of this bounce as the technicals suggest more downside.
The benchmark of UK equities, the FTSE 100 index, started the week with positive sentiment as the index gained 30 points on Monday. Aviva share price opened lower on Monday, but the price action turned positive as the day progressed. Till press time, the stock was changing hands at 410p after rising 0.18%.
Aviva Buybacks £300 Worth Of Stock
As per the most recent Aviva plc news, the company has completed the share buyback programme of worth £300 million. A total of 72.8 million shares were acquired during this process at an average price of 412p per share. On May 5, the company announced a £900 million bulk annuity buy-in for the Thomas Cook Pension Plan.
Recently, Aviva CEO Amanda Blanc announced in its 2022 results to keep liquidating non-core businesses of the company. Since her joining, the company has sold its eight businesses in Italy, Turkey, Singapore, France, and Poland. Nevertheless, Aviva share price has remained in a downtrend.
Aviva Share Price Gets Relief Bounce
The recent drop in LON: AV isn’t surprising at all, as I’ve repeatedly been forecasting this in my analysis. Some people laughed at me when I first mentioned this price target, but it has now been perfectly met. Actually, multiple confluences were pointing towards this outcome.
My Aviva share price forecast will remain bearish until the shares reclaim the 430p level. The most likely scenario appears to be a retest of the 375p-385p level in the coming weeks. On a higher timeframe, I expect the shares to keep trading within 384p-475p range in the coming months.
In the meantime, I’ll keep sharing updated outlook on LON: AV in my free Telegram group that you’re welcome to join.
