The FTSE 100 Index has remained inside a narrow range in the past few weeks. It has slipped by 2.55% from its highest point this year to the current 10,708. This article provides a forecast of top Footsie shares like Vodafone, Lloyds Bank, Rolls-Royce, and Glencore.
Vodafone share price forecast
Vodafone stock chart | Source: TradingView
Vodafone stock jumped to a high of 17.6p mid this month as the company announced plans to launch its TV package in the UK. The management believes that launching the TV will help it compete further with companies like BT.
Vodafone stock has now pulled back to 16.7p and is hovering slightly above the important support level of 16.4p. There are signs that it is forming a break-and-retest pattern, a common continuation sign in technical analysis.
Vodafone sits above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls remain in control. It has formed an inverted head-and-shoulders pattern, a common bullish sign.
It has also remained above the Major S/R pivot point of the Murrey Math Lines tool. Therefore, the stock will likely rebound, potentially to the year-to-date high of 17.6. A move above that level will point to more gains, towards the Ultimate Resistance at 18.8p.
Rolls-Royce share price forecast
RR stock chart | Source: TradingView
Rolls-Royce stock has held steady in the past few weeks, moving from a low of 1,405p on September 14 to the current 1,503p. On the positive side, the stock has moved to the upper side of the descending channel.
The stock has moved above the 50-day Exponential Moving Average (EMA), and is in the process of forming a bullish flag pattern. A bullish flag is made up of a vertical line and a descending channel.
Technically, the outlook for the stock is bullish, with the next key target to watch being the year-to-date high of 1,586p.
Lloyds Bank share price analysis
LLOY stock chart | Source: TradingView
Lloyds Bank stock has pulled back in the past two months, moving from a high of 116.90p in August to the current 108.30p. There are signs that the stock is losing momentum.
It has slipped below the lower side of the ascending channel. At the same time, it has dropped below the 50-day moving average and the Ultimate Resistance level of the Murrey Math Lines tool.
The stock has also formed a head-and-shoulders pattern, a popular bearish reversal pattern. Therefore, the stock will likely continue falling, potentially to the Major S/R pivot point at 100p.
Glencore share price forecast
GLEN stock chart | Source: TradingView
Glencore, the giant mining and trading company, has slipped sharply in the past few days as shipping costs rose. It has slipped from a high of 634p in September to the current 545p.
The stock has bottomed along the ascending trendline that links the lowest level since July. It has also dropped below the 50-day moving average, while the RSI indicator has dropped from the overbought level of 73 to the current 38.
Therefore, the stock will likely drop to about 500p and then rebound in the coming weeks. If this happens, the stock will rebound to 600p and above.
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