Ritchie Bros Auctioneers Incorporated Stock Forecast

Ritchie Bros Auctioneers Incorporated stock upgraded to Hold/Accumulate.
(Updated on May 01, 2024)

RBA Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $72.83 and $74.56. 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 -7.50%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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

Ritchie Bros Auctioneers Incorporated finds support from accumulated volume at $68.40 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 $1.10 between high and low, or 1.55%. For the last week the stock has had daily average volatility of 1.74%.

Our recommended stop-loss: $67.40 (-5.56%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)

Trading Expectations (RBA) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Ritchie Bros Auctioneers Incorporated to open at $71.57, and during the day (based on 14 day Average True Range), to move between $70.12 and $72.62, which gives a possible trading interval of +/-$1.25 (+/-1.75%) 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 3.50% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $68.40 (4.16%) than the resistance at $75.91 (6.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Ritchie Bros Auctioneers Incorporated stock A Buy?

Ritchie Bros Auctioneers Incorporated holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.435 Hold/Accumulate Upgraded

Predicted Opening Price for Ritchie Bros Auctioneers Incorporated of Thursday, May 2, 2024

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