The ITV share price is slightly higher today but continues to experience difficulty pushing upwards due to a lack of bullish momentum.
The price scenario comes as the British commercial broadcaster juggles programs to keep viewers on the station and potentially ramp up advertising revenues. It has announced that The Voice would be on for another season, while the celebrity spin-off show The Daily Drop has been axed.
In September, ITV’s Chief Executive Carolyn McCall had indicated that the ad market remained uncertain, even in the face of a rebound in ad spending by companies. She expressed an uncertain outlook on winter revenues for the company but was hopeful due to the company’s repositioning as a “more resilient business” than before the lockdown.
ITV Share Price Outlook
The upside move has taken the ITV share price above the 104.05 resistance. The price needs to find a bounce at this level to aim for the 111.70 resistance. Only when the latter is broken can 120.10 and 128.00 come into the picture as additional targets. Supporting this outlook is the RSI divergence signal on the daily chart.
On the other hand, a decline below 104.05 due to low bullish momentum sends the ITV share price towards 97.75. A further decline targets 91.20, and this move negates the divergence signal.