The bullish move of Rolls Royce share price by 1.29% makes this stock one of the top 6 gainers on the FTSE 100 index this Tuesday.
After an initially lower opening by the stock, the Rolls Royce share price bounced back into positive territory as it announced a collaboration with ChefsFridge to design cold pods to be used to transport COVID-19 vaccines globally.
The new product, which will be designed using ArcticRx, is the first product of its kind that will be built to support a double-dose vaccine delivery system within the cold chain. Specifically built to target remote, hard-to-reach areas and countries with power supply challenges, the product could be a game-changer in cold chain vaccine transport.
Investors cheered the news and Rolls Royce shares saw fresh demand late in the London session, putting it on course for a second consecutive higher close.
Rolls Royce Share Price Outlook
Tuesday’s intraday bounce from the 95.05 support allows the pair to target the 99.90 resistance. A continued advance allows the pair to hit the 103.63 price mark before 110.05 becomes available as the next upside barrier.
On the flip side, a brea down of 95.05 opens the door for sellers to attempt a push towards 90.52, below which 86.40 (26 January low) becomes another potential downside target. Price descent below this level forms new lows for 2021.