RedFlow Limited Stock Forecast
A very strong day for RedFlow Limited stock price on Thursday
(Updated on May 23, 2024)
The RedFlow Limited stock price gained 10.00% on the last trading day (Thursday, 23rd May 2024), rising from $0.100 to $0.110. During the last trading day the stock fluctuated 10.00% from a day low at $0.100 to a day high of $0.110. The price has been going up and down for this period, and there has been a 4.76% gain for the last 2 weeks. Volume fell on the last day by -84 thousand shares and in total, 719 thousand shares were bought and sold for approximately $79.14 thousand. 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 falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -34.01% during the next 3 months and, with a 90% probability hold a price between $0.0537 and $0.0798 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RFX.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 10.00%. 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. The RedFlow Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.117. On a fall, the stock will find some support from the short-term average at $0.106. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for RedFlow Limited stock
RedFlow Limited finds support from accumulated volume at $0.105 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 $0.0100 between high and low, or 10.00%. For the last week the stock has had daily average volatility of 6.26%.
Our recommended stop-loss: $0.106 (-3.40%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 64 days ago.)
Trading Expectations (RFX.AX) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect RedFlow Limited to open at $0.107, and during the day (based on 14 day Average True Range), to move between $0.104 and $0.116, which gives a possible trading interval of +/-$0.0065 (+/-5.87%) up or down from last closing price. If RedFlow Limited takes out the full calculated possible swing range there will be an estimated 11.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.112 (1.82%) than the support at $0.105 (4.55%), 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 RedFlow Limited stock A Buy?
RedFlow Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.063 Hold/Accumulate Upgraded
Predicted Opening Price for RedFlow Limited of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| $0.107 ( 3.03%) | $0.110 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RFX.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.117 | 6.06 % | |
| R2 | 0.113 | 2.59 % | ||
| R1 | 0.110 | 0.442 % | ||
| Current price: | 0.110 | |||
| Support | S1 | 0.103 | -6.50 % | |
| S2 | 0.100 | -8.65 % | ||
| S3 | 0.0967 | -12.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.120 | 9.09 % | |
| R2 | 0.115 | 4.55 % | ||
| R1 | 0.112 | 1.82 % | ||
| Current price | 0.110 | |||
| Support | S1 | 0.105 | -4.55% | |
| S2 | 0.100 | -9.09% | ||
| S3 | 0 | . |
FAQ
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