Red Violet Inc. Stock Forecast
Red Violet Inc. stock price up 0.197% on Tuesday
(Updated on Jul 02, 2024)
The Red Violet Inc. stock price gained 0.197% on the last trading day (Tuesday, 2nd Jul 2024), rising from $25.41 to $25.46. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.87% from a day low at $25.02 to a day high of $25.74. The price has risen in 8 of the last 10 days and is up by 15.15% over the past 2 weeks. Volume fell on the last day by -17 thousand shares and in total, 42 thousand shares were bought and sold for approximately $1.08 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 very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 30.73% during the next 3 months and, with a 90% probability hold a price between $27.61 and $34.78 at the end of this 3-month period.
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RDVT Signals & Forecast
The Red Violet 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 $24.50 and $21.95. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 51.73%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Red Violet Inc. stock
Red Violet Inc. finds support from accumulated volume at $25.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.719 between high and low, or 2.87%. For the last week the stock has had daily average volatility of 3.90%.
Since the Red Violet Inc. has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $24.69 (-3.02%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 61 days ago.)
Trading Expectations (RDVT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Red Violet Inc. to open at $25.41, and during the day (based on 14 day Average True Range), to move between $24.61 and $26.31, which gives a possible trading interval of +/-$0.85 (+/-3.36%) up or down from last closing price. If Red Violet Inc. takes out the full calculated possible swing range there will be an estimated 6.71% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $25.40, some $0.0600 (0.24%) from the current price of $25.46, our system finds the risk reward attractive.
Is Red Violet Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Red Violet Inc. stock to perform well in the short-term.
Current score: 4.677 Buy Candidate Unchanged
Predicted Opening Price for Red Violet Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $25.41 ( 0.208%) | $25.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDVT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.13 | 2.62% |
| R2 | 25.85 | 1.54% |
| R1 | 25.68 | 0.87% |
| Price | 25.46 | |
| S1 | 25.13 | -1.29% |
| S2 | 24.96 | -1.95% |
| S3 | 24.69 | -3.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 25.46 | |
| S1 | 25.40 | -0.236% |
| S2 | 21.20 | -16.73% |
| S3 | 20.70 | -18.70% |
FAQ
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