Will the Rolls-Royce share price hit 1,000p or 1,200p first?
The Rolls-Royce share price has pulled back in the past few days, moving from the year-to-date high of 1,195p to the current 1,115p, as investors book profits as they wait for the upcoming trading update in November. So, will the stock crash to 1,000p or rebound to 1,200p?
Rolls-Royce share price technical analysis
The daily timeframe chart shows that the RR share price has retreated in the past few days, moving from a record high of 1,200p to a low of 1,115p.
This pullback happened as it neared the important resistance level at 1,200p. It is common for a stock to retreat before hitting key resistance levels.
The retreat happened after it formed a rising wedge pattern, which is characterized by two rising and converging trendlines that…
