Vodafone stock price forecast: Eyes on GBX106.50 support as VOD slides

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Vodafone drops 2.42% to GBX108.85

Highlights

Vodafone España delivered its first annual revenue growth since 2022, holding steady at €3.628 billion with a 7% EBITDA increase.
The company reduced net financial debt by 13% and marked a sixth consecutive quarter of net broadband and mobile line additions.
Vodafone shares remain under strong bearish technical pressure, with downside momentum dominating and a near-term range between GBX106.50 and GBX112.72 favored.

Revenue and margin gains as debt reduction counters sustained selling

Vodafone España reported its first revenue growth since 2022, closing the fiscal year ending March 31, 2026, with stable revenues of €3.628 billion. The result was accompanied by a 7% year-on-year increase in EBITDA after leases to €1.341 billion, with the EBITDA margin improving to 37%. Vodafone España also reduced its net financial debt by 13% over the year, achieved its sixth consecutive quarter of net additions in both broadband and mobile lines, and remained wholly owned by Zegona Communications, which narrowed its full-year loss according to recent disclosures—though price action has remained under broader selling pressure.

Oversold signals deepen as key resistance limits recovery hopes

Technically, VOD faces resistance at the Ichimoku Kijun level of GBX113.28 and remains below both the MA-20 (GBX112.70) and MA-50 (GBX113.34) on the working timeframe, highlighting persistent short- and medium-term selling pressure. Long-term support is evident with price holding above the MA-200 at GBX102.07. Momentum oscillators are skewed bearish: RSI stands at 28.31, deep in oversold territory, with both Stoch RSI and the CCI also confirming oversold readings. The MACD continues to generate sell signals, the ADX is neutral, BBP reflects dominant seller pressure, and the Awesome Oscillator remains negative, all pointing to intraday momentum aligned with sellers.

Range-bound action projected as breakout risk stays limited

Looking ahead over the next 2–3 trading days, VOD is expected to consolidate within a typical volatility band between GBX106.50 and GBX112.72. The probability of an upward breakout above GBX113.28 is low, while a move below GBX106.50 would likely trigger renewed selling and further downward momentum. The base scenario envisions continued range-bound trading unless either boundary is breached.

Viktoras Karapetjanc, leading analyst at Traders Union, sees Vodafone’s Spanish unit finally turning the corner, demonstrated by sustainable revenue growth, higher margins, and consistent subscriber gains. He notes the improved balance sheet and EBITDA expansion signal tangible progress, but the overall share price still faces short-term selling pressure. Momentum remains negative for now, yet the analyst believes the fundamental turnaround story is growing stronger. Looking at the technical picture and macro signals, Karapetjanc maintains a constructive bias with an eye on volatility. "If VOD can defend support above GBX106.50 while Spanish fundamentals keep improving, I see scope for sentiment to shift more positively in the sessions ahead."

Earlier, analysts noted that Vodafone was experiencing mixed technical signals, with near-term bearish momentum contrasted by hints of longer-term support and strategic corporate initiatives. The latest developments reinforce this view, as continued technical weakness and persistent selling pressure suggest traders should closely monitor the GBX106.50 support level for signs of accelerated downside risk in the coming sessions.

Source of Data: VOD Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.