Rolls Royse set UP

 

RR.L is trying to break upwards from 8 months channel. It has traded upward since March breakout. If it stays above 280p for at least week with high volume then target price will be 350-360 P  which was previous high from Jul2020 ( See below weekly chart). Only concern here is momentum is waning since march 2023 breakout. You can clearly see the downward slope in daily and weekly charts. If this momentum rises further then RR will have higher chance of getting towards 300 P and after that 350p is the target. On weekly chart, breakout above previous support @ 250P which became resistance and price has broken that with substantial high volume so now new trading channel is going to form between 250p to 350p. 

 I am revisiting this after 1 year and i am glad to see RR has achieved my target of 360 p and even cross that so when i look at it now i can see it has potential of reaching another high of 420-430 p mark and even beyond that level to 600 P so lets look at the latest chart below

As we can see chart has turn more bullish than last year and price has broken upwards to new range. This has open up more upside towards next target around 430 P and more towards previous breakdown level around 640 P. Momentum also has gone above previous down slopping trendline so upside has now more potential than ever. This is the case of buy the dips. 

Updating again after Feb results. It has broken all previous resistances and taken new highs. This will consolidate here around 720p. There is a resistance at730P if crosses above 740p , next target is £10. this can be achieved soon by summer 2025. With dividend @6p and share buyback of £1billion this is turning out a great long term stock in any ones portfolio

Curtesy: Stockchart.com

Updating in summer 2025 again . As stated above my target of £10 has been already achieved. RR now stands at £11.30. This has now new floor of £11.00 as a support in a new established channel between £11 and £12.50 which is previous high back in 2015. This will touch upper line of the channel this year and consolidate further in a rage until any further positive news from SMR( small modular reactor). Dividend has been reinstated now so dividend related  funds will be getting more exposure of RR and it's good for RR's future SP. Next move is going to be £12 to £12:50 by late 2025 to early 2026. There are very high chance of breaking above £12:50 mark by mid 2026 and there will be no resistance above it so it can go even higher.