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Big movements in Redbox Entertainment Inc. stock price on Wednesday moving 23.35% between high and low

StockInvest.us, 3 months ago

Redbox

The Redbox Entertainment Inc. stock price gained 16.14% on the last trading day (Wednesday, 8th Jun 2022), rising from $8.55 to $9.93. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 23.35% from a day low at $9.12 to a day high of $11.25. The price has risen in 7 of the last 10 days and is up by 88.78% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 29 million more shares were traded than the day before. In total, 53 million shares were bought and sold for approximately $530.31 million.

The last rating was given by B. Riley Securities on May 27, 2022. The price target was set to 7.71+2.12.Over the last 90 days, this security got 0 buy, 4 sell, and 1 hold ratings.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $10.82 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 105.19% during the next 3 months and, with a 90% probability hold a price between $8.75 and $22.20 at the end of this 3-month period.

Redbox

The Redbox Entertainment Inc. 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 $7.21 and $5.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 12, 2022, and so far it has risen 270.52%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $8.53 and $7.55.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Redbox Entertainment Inc. finds support just below today's level at $8.53. If this is broken, then the next support from accumulated volume will be at $7.55 and $7.47.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $2.13 between high and low, or 23.35%. For the last week, the stock has had a daily average volatility of 23.10%.

The Redbox Entertainment Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Redbox Entertainment Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Check full Redbox forecast and analysis here.