Vodafone share price is in the red for the third time this week. A look at the chart below shows the price suffered a rejection from the 82p level and is now trading 6.6% below it. The shares of the British telecom company slid 1.38% on Friday and are changing hands at 76.67p during the London session.
Despite LON: VOD extending its losses, UK stocks showed positive price action after Britain’s recent GDP data showed significant improvement. As a result, the FTSE 100 index is up 0.6% after gaining 47 points till press time.
On Monday, the Internet of Things (IoT) company, Shelly Group, announced its partnership with Vodafone’s African unit. The partnership will involve setting up Shelly Pro devices all around the African continent. These devices will allow Vodafone to check and manage energy consumption on its sites.
Last week, Zegona Communications was in talks with Vodafone regarding the acquisition of Vodafone’s Spanish business. The European telecommunications company is expected to offer around $5.33 billion to buy a 50% stake in Vodafone’s Spanish Division. However, Zegna also mentioned the likelihood of the acquisition not going ahead. Vodafone share price is facing an intense downtrend right now.
A look at the chart for LON: VOD reveals the price has been in a tailspin since May 2023. Recently, the share price of the telecom company turned the 82p support into a resistance level after it faced rejection from the key level last week.
The Vodafone share price forecast flipped bearish after its rejection from the 82p level. In the coming days, I expect the price to slide further by 8.1% towards the 70.4p support level. To avoid further bearishness, bulls need to break above the $82 price level.
This post was last modified on Sep 29, 2023, 17:08 BST 17:08