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- 1 Relx PLC share price hovers at £27.50 near an all-time high price of £28.33.
- 2 Relx share price shows super bullishness on the charts despite the bearish sentiments in the major world economies.
- 3 The daily chart witnesses the breakout of almost 120-day consolidation.
Relx PLC stock price delivers a bullish outlook as the share price has recently smashed the previous All-time high level despite the weakness in the world economy. The dollar index has surged above the $106.5 level which is dragging the major world economies lower.
Major news like Fed Interest rate hikes and the US shutdown were hovering in the markets for the last few days. This news impacted the global economy and the major world markets. Even the UK market saw a drawdown.
However, it did not impact the REL share whose price has recently smashed above the previous all-time high price of £27.15 and currently hovers at £27.50. The Relx share daily chart illustrates the breakout of over 120-day consolidation near the recent high.
The Bulls defended the 200-day EMA and established their positions firmly. The price chart witnessed the addition of more buying volume each time the price neared the 200-day EMA. The aggressive buying from the lower levels surged the price higher leading to a short covering and the price surged above the ATH level.
Currently, the share price consolidated near the ATH which may gain momentum again if the price breaks above the recent swing high. The short-term trend has aligned with the long-term trend that might invite more buyers and the price may continue to form a new ATH.
Relx Share Price Predictions For 2023
The average analyst price target for REL stock in 2023 is £35.08 which represents a potential upside of 5.9% from the current price. However, there is a wide range of analyst price targets from £32.25 to £46.65.
The most optimistic analysts believe that REL stock could reach £46.65 in 2023 if the company can successfully execute its growth plans. The most pessimistic analysts believe that REL stock could fall to £32.25 in 2023.
Technical Indicators Signal an Optimistic Trend
The overall technical indicators including RSI and MACD opinion rating for the REL stock is a 90% “buy” with an average short-term outlook on maintaining the current trend.
Conclusion
Relx PLC stock price has been bullish, recently smashing its all-time high despite the weakness in the global economy. The stock price broke out of a 120-day consolidation and surged above its all-time high of £27.15. The bulls have defended the 200-day EMA and established their positions firmly.
The share price is currently consolidating near its all-time high and may gain momentum again if it breaks above the recent swing high. The average analyst price target for REL stock in 2023 is £35.08, which represents a potential upside of 5.9% from the current price.
Technical Levels
- Support levels: £27.14 and £25.85
- Resistance levels: £28.01 and £28.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
