The Rolls Royce share price predictions, which saw a continuation of the correction on the charts, appear to have been truncated following the defence mounted. After a weaker opening to the day, the bulls were able to bounce back, pushing back the losses. The price candle is now standing in a green territory with a 2.26% gain on Monday, which relieves some of the pressure on the 94.61 support.
The recovery follows a 7-day correction on the Rolls Royce share price after completing the bullish pennant pattern on the 25 March candle. Shares of Rolls Royce tanked when the company announced the departure of Andreas Schell as President of the company’s Power Systems Unit. Schell will be joining EnBW as CEO. No successor has been announced yet.
The Rolls Royce share price has lost more than 23% in 2022, trading below the $100 mark. The stock traded below the 40p mark when the COVID-pandemic hit its business very hard. Since then, the company has invested in renewable energy technology and has also broadened the research and development of new products. As price approaches multi-month lows, what is the week’s Rolls Royce share price prediction?
Rolls Royce Share Price Prediction
Following the upside move of the day, the 94.61 support (26 July 2021 and 3 March 2022 lows) appears to have been preserved. However, this pivot remains under pressure. If it breaks down, the 90.98 support level (19 July 2021 and 8 March 2022 lows) becomes available as a new target to the south. Below this price pivot, additional support comes in at 86.40.
On the flip side, if the bulls extend the bounce further, the potential to attain the 100.05 psychological price mark (28 February low and 5 April high) is increased. In addition, additional resistance targets to the north at 106.93 and 112.90 (15 December 2021 low) become available if the bulls transcend the 105.00 psychological area and the site of 28 February/31 March highs.