- VOD stock is trading at $9.97 with a gain of 1.12% in the last intraday session.
- The year-to-date return of VOD stock is -3.11% and the three-month return is +5.28%.
- The technicals and analyst rating point to buying opportunities in the market.
Vodafone Group Plc (NASDAQ: VOD) stock has been surging since September 8, 2023, with a return of 8.25% in the past week. It has clinched 1.12% in the last 24 hours and is trading at $9.97. The market sentiment is in the favor of buyers and if this remains constant then the price might retest the previous resistance level of $10.12.
Recently, Vodafone stock has been trading above the 20, 50, and 100-day EMAs, which means that the price is facing a stronghold of buyers since September 8. The recent upward trend is moving up to contest the 200-day EMA. If the current bullish sentiment is sustained, then it might happen.
On the higher timeframe, VOD stock dropped about 24% from the resistance level of $12.00. The stock price was firmly halted there but the perplexed move by bears dragged down the price to the $9.00 support level. From there, the VOD stock price formed the double bottom pattern, with a top at $10.12 and the double bottom at $9.00.
H2-2022 Consensus Of Vodafone Group PLC
Vodafone Group Plc released its second half yearly financial report on May 26, 2023. The H2-2022 report showed a slight gain of 0.29% in the revenue, and exceptional gain of 491.20% in the EPS (earnings per share). Moreover the reported $4.204 EPS outperformed the estimated $0.711 EPS.
The reported revenue of $24.54 Billion also beat the estimated revenue of $24.47 Billion with a surprise of $69.89 Milion. Despite the positive earnings and revenue report, the VOD stock price melted down, which deepened the ongoing downtrend further.
Will VOD Stock Retest $10.12?
The relative strength index (RSI) had been hovering above the 50 mark since September 8, 2023, indicating strength and the stronghold of buyers in the market. However, the RSI is at 71.58 reflecting that the price is in the overbought region.
The Chaikin Money Flow (CMF) score is at -0.05, which suggests a slight weakness in the market during the intraday session. The market capitalization is $26.65 Billion with an average volume of 4.601 Million shares.
Conclusion
The current market structure suggests bullish dominance in the market. However, Vodafone Group Plc (NASDAQ: VOD) stock surges ahead to attain new highs with an uptrend momentum. Investors should consider buying opportunities as the indicators and analysts rating suggest the same.
Technical Levels
Major resistance: $12.53 and $12.07
Major support: $8.93 and $9.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
