Redrow plc Stock Forecast
Green day on Friday for Redrow plc
(Updated on May 03, 2024)
The Redrow plc stock price gained 4.23% on the last trading day (Friday, 3rd May 2024), rising from £650.50 to £678.00. During the last trading day the stock fluctuated 4.63% from a day low at £648.00 to a day high of £678.00. The price has risen in 6 of the last 10 days and is up by 7.96% over the past 2 weeks. Volume fell on the last day by -901 thousand shares and in total, 1 million shares were bought and sold for approximately £945.27 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 stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is £673.17, a level that may pose a second chance to hit a runner. According to fan-theory £720.89 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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RDW.L Signals & Forecast
Mostly positive signals in the chart today. The Redrow plc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £648.00 and £650.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 7.96%. 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 Redrow plc stock
Redrow plc finds support from accumulated volume at £664.50 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 £30.00 between high and low, or 4.63%. For the last week the stock has had daily average volatility of 3.27%.
Our recommended stop-loss: £653.13 (-3.67%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (RDW.L) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Redrow plc to open at £668.00, and during the day (based on 14 day Average True Range), to move between £657.87 and £698.13, which gives a possible trading interval of +/-£20.13 (+/-2.97%) up or down from last closing price. If Redrow plc takes out the full calculated possible swing range there will be an estimated 5.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £681.00 (0.44%) than the support at £664.50 (1.99%), 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 Redrow plc stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 4.668 Buy Candidate Unchanged
Predicted Opening Price for Redrow plc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| £668.00 ( 1.47%) | £678.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDW.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 698.00 | 2.95 % | |
| R2 | 686.54 | 1.26 % | ||
| R1 | 679.46 | 0.215 % | ||
| Current price: | 678.00 | |||
| Support | S1 | 656.54 | -3.17 % | |
| S2 | 649.46 | -4.21 % | ||
| S3 | 638.00 | -5.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 688.50 | 1.55 % | ||
| R1 | 681.00 | 0.442 % | ||
| Current price | 678.00 | |||
| Support | S1 | 664.50 | -1.99% | |
| S2 | 663.00 | -2.21% | ||
| S3 | 662.00 | -2.36% |
RDW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | Feb 22, 2024 | Apr 08, 2024 | £5.00 | 0.759% |
| 2 | Feb 09, 2023 | Feb 23, 2023 | Apr 06, 2023 | £10.00 | 2.16% |
| 3 | Sep 14, 2022 | Sep 22, 2022 | Nov 16, 2022 | £22.00 | 4.98% |
| 4 | Feb 10, 2022 | Feb 24, 2022 | Apr 08, 2022 | £10.00 | 1.85% |
| 5 | Sep 15, 2021 | Sep 23, 2021 | Nov 17, 2021 | £18.50 | 2.91% |
FAQ
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