RenaissanceRe Holdings Ltd Stock Forecast
Stronger technical forecast for RenaissanceRe Holdings Ltd stock price after Thursday trading.
(Updated on May 16, 2024)
The RenaissanceRe Holdings Ltd stock price gained 1.79% on the last trading day (Thursday, 16th May 2024), rising from $222.85 to $226.85. During the last trading day the stock fluctuated 2.70% from a day low at $221.51 to a day high of $227.50. The price has fallen in 6 of the last 10 days but is still up by 3.79% over the past 2 weeks. Volume fell on the last day by -30 thousand shares and in total, 231 thousand shares were bought and sold for approximately $52.42 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.70% during the next 3 months and, with a 90% probability hold a price between $202.43 and $222.84 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RNR Signals & Forecast
Mostly positive signals in the chart today. The RenaissanceRe Holdings Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $224.96 and $222.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 6.21%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for RenaissanceRe Holdings Ltd stock
RenaissanceRe Holdings Ltd finds support from accumulated volume at $219.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $5.99 between high and low, or 2.70%. For the last week the stock has had daily average volatility of 1.88%.
Our recommended stop-loss: $215.99 (-4.79%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (RNR) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect RenaissanceRe Holdings Ltd to open at $225.29, and during the day (based on 14 day Average True Range), to move between $221.70 and $232.00, which gives a possible trading interval of +/-$5.15 (+/-2.27%) up or down from last closing price. If RenaissanceRe Holdings Ltd takes out the full calculated possible swing range there will be an estimated 4.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $228.16 (0.58%) than the support at $219.25 (3.35%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is RenaissanceRe Holdings Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Buy candidate.
Current score: 3.020 Buy Candidate Upgraded
Predicted Opening Price for RenaissanceRe Holdings Ltd of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $225.29 ( 0.689%) | $226.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RNR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 231.28 | 1.95 % | |
| R2 | 228.99 | 0.94 % | ||
| R1 | 227.57 | 0.320 % | ||
| Current price: | 226.85 | |||
| Support | S1 | 223.00 | -1.70 % | |
| S2 | 221.58 | -2.32 % | ||
| S3 | 219.30 | -3.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 236.06 | 4.06 % | |
| R2 | 233.37 | 2.87 % | ||
| R1 | 228.16 | 0.577 % | ||
| Current price | 226.85 | |||
| Support | S1 | 219.25 | -3.35% | |
| S2 | 218.56 | -3.65% | ||
| S3 | 218.32 | -3.76% |
RNR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2024 | Jun 14, 2024 | Jun 28, 2024 | $0.390 | 0.172% |
| 2 | Feb 06, 2024 | Mar 14, 2024 | Mar 29, 2024 | $0.390 | 0.166% |
| 3 | Nov 08, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.380 | 0.194% |
| 4 | Aug 02, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.380 | 0.192% |
| 5 | May 10, 2023 | Jun 14, 2023 | Jun 30, 2023 | $0.380 | 0.204% |
FAQ
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