Rolls Royce shares seem to be a goldmine for the bulls, soaring to their highest point since February 2020. This uptick was further fueled by overall improved investor sentiment in global stocks supported by the UK and US both reporting softer inflation data.
In recent developments, Emirates decided against a deal to purchase Airbus A350-1000 jets, citing concerns about Rolls Royce’s engines. Despite this setback, Rolls Royce shares have surged 5% since the news.
The shares of the British jet engine manufacturer are currently priced at 242.9p, reflecting a 1.6% increase in the daily timeframe.
Rolls Royce Share Price Outlook
After the head and shoulders breakdown which I predicted in my previous analysis, LON: RR has now performed a bullish reversal. Given the circumstances, the most likely scenario seems to be the retest of the supply zone that lies above 250p.
While the above Rolls Royce share price forecast suggests a very bullish outlook, there is a slight chance for the bears to profit if the price dips under the 198p support level which is 18% below current levels.