Deliveroo share price may soon see some light at the end of what has been a dark tunnel, as the company has entered into a partnership with coffeemaker Starbucks.
This partnership will allow customers of Deliveroo to place orders for Starbucks’ products from over 400 stores operated by the coffeemaker chain in the UK. Products include arabica coffee, sandwiches and sweet items. Before this partnership, customers could only order for Starbucks’ products on Just Eat Takeaway and Uber Eats.
The Deliveroo share price boomed during the pandemic lockdowns in 2020 as customers were forced to order products from online portals which employed delivery services such as Deliveroo. Easing of restrictions have hit online delivery services hard, with the price losing almost all its gains made between May and August 2021.
Deliveroo Share Price Outlook
The Deliveroo share price has broken below the 274.9 support level, with a slight pullback that was rejected by the broken support, now functioning as a resistance. This sets up the opportunity for the price to make a run south to the 262.4 support (78.6% Fibonacci retracement level). A further decline below this level allows 247.2 and 230.6 to become additional price targets to the south.
On the other hand, a break above 274.9 allows the 290.9 price mark to come into the picture. Above this level, 311.2 and 335.9 become additional targets to the north. Only a break above 396.2 allows the price to resume the uptrend.