Will the Phoenix Group (PHNX) Stock Price Retest the 503.6 GBX?

• The PHNX share gained around 3.09% since it formed its recent support.
• The Phoenix Group on 4 October 2023, has announced the return of the ex-chairman.

Phoenix Group Plc (LSE: PHNX) life and pension consultant company. It specializes in the acquisition and management of closed life insurance and pension funds.

Return of Ex-Chairman of the Phoenix Group 

On 4 October 2023, the Phoenix Group reported the return of Nicholas Lynos as chairman in place of Alastair Barbour.

According to recent reports, Nicholas Lynos, who previously resigned from the chairman position to serve as a lord Mayor of London for one year is said to be joining the chairman position from December 1.

Phoenix Group Plc (PHNX) Stock Analysis

After the surge of 1.94% in the last trading session, the PHNX share price is currently trading at 467.1 GBX. It traded with a volume of 5.327 million in the last trading day with a market capitalization of 4.674 billion GBP.

Short-Term Recover in 1-Day Chart of PHNX

While analyzing the 1-day chart of PHNX, there is a gap left which is yet to be filled and the price is currently trading below it. The price has recently taken support from the 452.4 GBX level and is heading towards the gap zone. 

The 100 and 200 EMA lines are trading above the price which signals the bearish behaviour of the price. However, the price is trading far from the EMA line. Thus, the price can rise and retest the 100 EMA line again.

The relative strength index is at 34.46 which is marked as a bearish territory. However, the RSI has recently come back from the oversold territory and is trending in the upside direction. This shows the short-term recovery in the price is going on as the price was in oversold territory. The RSI can rise to its 50-RSI level and can face resistance from there.

The price has recently formed a support of 452.4 GBX and is currently rising from there. In the upcoming trading sessions, the price could be seen filling the gap as the price action and technical indicators are pointing towards the short recovery in the price.

In the current scenario, if the price forms a strong bearish candle from here and breaks below the 452.4 GBX level. It will continue its downtrend without going into a recovery mode and may fall to its next historical support at 428.8 GBX. However, the higher chances are that the price could rise from here to 503.6 GBX resistance to fill the gap. From there it could resume its downtrend after making a strong bearish candle at that level. 

The PHNX share price can be bullish if it reclaims the 503.6 GBX level and sustains above it. Then only it may rise to its next resistance at 546.4 GBX.

Conclusion

The overall trend of the Phoenix Group Plc is bearish. Currently, the PHNX share price is sustaining above the 552.4 GBX level by making it a support. The indicators mentioned above are showing the short-term recovery in the price. PHNX share’s price can rise from here and can retest the 503.6 GBX level by filling the gap. From there it would resume its downtrend if it forms a strong bearish reversal candle there.

Technical levels

Resistance Levels: 503.6 GBX and 546.4 GBX.

Support Levels: 452.4 GBX and 428.8 GBX.

Disclaimer

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