New english street view
Vistry (LON: VTY) share price catapulted by 12.5% after the British house-building company announced its half-yearly results on Monday. The shares are now trading at their new 52-week high. At press time, the stock of the home builder is changing hands at 903p, after a 0.28% increase.
The recovery in British stocks also acted as a catalyst for Vistry shares. UK equities are experiencing some bullish movement as investors are expecting BOE to turn more dovish in the next meeting. The rise in oil prices is also acting as a tailwind for the energy stocks.
Vistry announced its intention to target organizations as its main customers instead of the private sector. With the new approach, the housing giant aims to sell 50-60% of its houses before building to councils and institutional residential landlords, etc.
The board of Vistry announced £114.2 million in pre-tax profit for the first half of 2023. The revenue for the British construction company also jumped from £1.19 billion to £1.575 billion. The company also announced a £55 million share buyback program, which will be completed in March 2024. Vistry share price currently sits 41.7% above its yearly low of 638.5p.
The LON: VTY chart reveals the price hovering 3.6% below the key resistance level of 937p. The price retested this resistance on Monday but the bulls failed to break through it. A deeper analysis of the chart also reveals the price sitting a comfortable 22% above the 200 MA, which is a sign of strength.
The Vistry share price forecast is expected to flip bullish if the price gains strength above the 937p resistance level. In this case, I expect a 6.8% rally towards the key psychological level of 1000p. In case of rejection from the 937p level, my immediate bearish target will be the price gap of 805p-828p.
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This post was last modified on Sep 12, 2023, 16:07 BST 16:07