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Royal Mail (LON: IDS) share price has been on fire for the past few weeks. The shares of the postal service had a strong rebound from the May 2023 lows. Since then, the stock has been up more than 44%. However, the latest analysis reveals that a healthy pullback could be on the cards.
Major UK shares have shown a significant recovery in the past few weeks. This is quite evident from the recent rise in FTSE 100 index. The benchmark index is now back above 7,650 points level after breaking below 7,300 earlier this month.
International Distributions Services Appoints New CEO
As per the latest news, Royal Mail parent International Distribution Services (IDS) has appointed Martin Seidenberg as its new CEO. With this appointment, the group has reunited its foreign and domestic operations under one leader.
Previously, Seidenberg had been the CEO of IDS’s international business for 3 years. Royal Mail share price surged to its highest level since August 2022 on the day of the latest appointment. However, after a 2.1% gain on Thursday, the shares are having a 3.6% pullback on Friday.
Royal Mail Share Price Needs To Hold 260p
While LON: IDS is showing great strength, the bulls still need to flip the 260p level into support to aim for further upside. The shares have broken above the diagonal and horizontal resistances but need to confirm this breakout. A confirmation will give bulls enough momentum to target 300p, where lies the next major resistance.
Royal Mail share price forecast will remain bullish as long as the shares trade above 252p. A breakdown below this level will invalidate the recent breakout. The ongoing pullback has the tendency to take take the price toward the 252p level, but there’s nothing to worry about as long as it holds.
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