The Royal Mail share price is set to open lower this Thursday after British Postal managers announced a strike for 20-22 July 2022. A vote to this effect will take place between 15 -19 July. The late July strike is being called over pay and job cuts. The announcement led to Wednesday’s 0.52% drop in the Royal Mail share price.
About 2,400 managers will join the strike following the decision of the Royal Mail Group to axe 700 job cuts. According to the plan, affected staff will lose about 7,000 pounds in pay. The Unite trade union says it is embarking on this action after months of consultation failed to yield any results.
Last week, members of the Communication Workers Union voted to begin a strike action that would see companies such as Royal Mail Group and BT Group impacted by the disruption. Rising inflation approaching 10% has put trade unions at loggerheads with employers over pay increases.
Royal Mail Share Price Forecast
The Royal Mail share price chart shows that the candles are testing support at the 268.2 pivot (17 November 2020 low). A breakdown of this price mark tests 250.3, which is the 10 November 2020 low. If the bulls fail to defend this support, the bears would have access to the
240.0 psychological support, the low of the 4 November 2020 candle is located. Additional targets to the south are found at 233.6 (17 December 2019 low) and 227.0, the site of a previous low seen on 2 November 2020.
Conversely, a bounce on 268.2 sees the bulls gaining momentum to aim for the immediate upside target at 281.7 (24 June 2022 high). 295.7 and 310.8 (7 June high) are the additional upside targets, followed by the 317.1 (6 April and 12 May lows) and 333.6 resistance barriers.
RMG: Daily Chart
