Taylor Wimpey Share Price is up 4% On New Housing Development News

The Taylor Wimpey share price is seeing some heavy demand this Wednesday as the company says it has pushed plans to build 206 new homes in the Hamilton area of Scotland. 

Taylor Wimpey West Scotland is seeking to expand its investments in real estate and has submitted an AMSC application to this effect. The company has been granted a Planning Permission in Principle (PPP) and will seek to develop a mix of house types, ranging from 2-bedroom terraces to 5-bedroom detached homes, to appeal to a broad spectrum of the market.

As of writing, the Taylor Wimpey share price is up 4.08% and looks set to hit a 5th straight winning day after last Wednesday’s steep decline.

Taylor Wimpey Share Price Outlook

The spike in the share price follows from smaller gains after the price bounce on 147.35. This sets 159.25 as the next target for the bulls. If the price breaks this level, 163.85 and 172.70 come into the picture as additional targets to the north.

On the other hand, a rejection at 159.25 could prompt a pullback and retest of 147.35. If this support breaks down, 142.30 (13 November 2020 low) and 136.65 (3 July 2020 low) become new targets to the south.

Taylor Wimpey: Daily Chart

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