Aviva (LON: AV) share price has rebounded from its June lows. While the shares are still not out of hot water, the move can still be taken as a sign of strength. The latest analysis reveals a key level on the chart that the price needs to reclaim to signal a proper bullish reversal.
On Thursday, the UK shares extended their gains as the benchmark FTSE 100 index continued to rally. The top index has broken above the 7,300 level once again after breaking below it last week. Consequently, Avivia stock is also showing a strong recovery and is up 3% from its recent lows.
Aviva Appoints New Research Director
The British insurance giant has recently strengthened its real assets research team by adding another two people to the team. According to the reports, Viktor Dietrich has joined the company as Research Director. The firm has also hired a research analyst named Rebecca Crocker. Both of these hires take the total number of team members to seven.
In other news, HSBC is bullish on Aviva share price as the bank has upgraded its rating to ‘buy’. The reason behind this positive outlook is the attractive capital return profiles being offered by Aviva Group.
Aviva Share Price Needs To Show More Strength
It can be seen on the following chart that LON: AV has found support within the 365p-385p demand zone, which is not surprising at all. This region has generated strong bounces in the past nine months. However, the price still needs to break above the key psychological level of 400p.
Another confluence that can make Aviva share price forecast bullish is the 435p level. This is a previous support level that is now acting as a big resistance for the stock. In case of a break above 400p, I expect a retest of this level which is marked on the following chart.
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