Can Rolls-Royce shares finally break GBX 1,600?
Rolls-Royce shares remain close to record highs amid strong demand for European defence stocks and continued short covering. After approaching GBX 1,600, the shares entered a short-term correction, making GBX 1,510 the key support level.
One of the main drivers of Rolls-Royce’s recent gains has been renewed demand for European defence companies. According to TradingView, citing Reuters, short covering helped defence stocks move back toward record highs, providing additional support for Rolls-Royce shares.
On August 6, Rolls-Royce reached a new 52-week high. However, after such a rapid advance, some investors began taking profits, creating the conditions for the current short-term pullback.
Holding GBX 1,510 keeps GBX 1,600 in focus
Rolls-Royce shares fell slightly short of the psychological GBX 1,600 level, peaking near GBX 1,586 before entering the previously anticipated pullback.The key support level remains GBX 1,510, the previous high from July 6. Holding this level would allow buyers to make another attempt toward GBX 1,600. A break below GBX 1,510, however, would increase the probability of a deeper correction toward GBX 1,450.
A positive technical signal is that the RSI (14) has moved out of overbought territory, although it remains elevated. A full reset of the indicator may require at least a week of sideways consolidation.
Consolidation may precede another move toward GBX 1,600
Following the strong earnings report, Rolls-Royce’s fundamental outlook remains solid. The company raised its full-year guidance, continues to grow profit, and is generating strong cash flow.The current pullback therefore still appears largely technical after the recent sharp rally. As long as GBX 1,510 holds, the consolidation can be viewed as a pause before another attempt to test GBX 1,600.
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