Plane engine maker Rolls Royce continues to diversify its primary revenue base and into the production of systems that promote cleaner energy. Rolls Royce share price has stalled after four days of gains, even as the UK PM has lifted several lockdown restrictions and vaccinated travellers get set to kick off their summer holidays. This explains its latest partnership with Shell, designed towards decarbonizing the aviation industry.
The partnership aims at attaining zero net emissions through the use of sustainable aviation fuels. This agreement is expected to produce joint research efforts towards this goal, with 2050 set as the target for zero net emissions from aircraft engines.
Rolls Royce presently trades at 0.02% to the upside in a day that has been marked by low volume trading.
Technical Outlook: Rolls Royce Share Price
Rolls Royce share price is trading in a range that is formed by the 99.90 price support acting as the floor and 113.70 acting as the ceiling. 110.04 acts as a resistance target for bulls in between these boundaries, while 103.64 is the violated support pivot, breached on Monday.
Price pulled back slightly to this pivot and was rejected by bulls intraday bullish momentum is lacking. This needs to be upped for the price to attain 110.04. However, a run towards 122.30 and the 2021 high of 128.64 must be initiated by a break of the ceiling at 113.70.
On the flip side, bears expect to find some joy if the Rolls Royce share price breaks below 99.90, targeting the 19 February/30 June lows at 95.04. Below this level, 90.52 and 86.40 form additional targets to the south.