Ritchie Bros Auctioneers Incorporated Stock Forecast

Ritchie Bros Auctioneers Incorporated stock price ended at $72.82 on Monday, after gaining 0.289%.
(Updated on Apr 22, 2024)

RBA Signals & Forecast

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ritchie Bros Auctioneers Incorporated stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $72.94 and $75.12. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -5.62%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Ritchie Bros Auctioneers Incorporated stock

On the downside, the stock finds support just below today's level from accumulated volume at $68.40 and $66.68. There is a 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, Ritchie Bros Auctioneers Incorporated finds support just below today's level at $68.40. If this is broken, then the next support from accumulated volume will be at $66.68 and $62.09.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.10 (1.51%) between high and low. For the last week, the stock has had daily average volatility of 1.57%.

Ritchie Bros Auctioneers Incorporated is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RBA) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Ritchie Bros Auctioneers Incorporated to open at $72.99, and during the day (based on 14 day Average True Range), to move between $71.61 and $74.03, which gives a possible trading interval of +/-$1.21 (+/-1.66%) up or down from last closing price. If Ritchie Bros Auctioneers Incorporated takes out the full calculated possible swing range there will be an estimated 3.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $75.91 (4.24%) than the support at $68.40 (6.07%), 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 Ritchie Bros Auctioneers Incorporated stock A Buy?

The Ritchie Bros Auctioneers Incorporated stock holds several negative signals and despite the positive trend, we believe Ritchie Bros Auctioneers Incorporated will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -3.289 Sell Candidate Unchanged

Predicted Opening Price for Ritchie Bros Auctioneers Incorporated of Tuesday, April 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.