Red Robin Gourmet Burgers Stock Forecast
Green day on Friday for Red Robin Gourmet Burgers stock after gaining 1.59%
(Updated on Apr 26, 2024)
The Red Robin Gourmet Burgers stock price gained 1.59% on the last trading day (Friday, 26th Apr 2024), rising from $6.90 to $7.01. During the last trading day the stock fluctuated 5.11% from a day low at $6.85 to a day high of $7.20. The price has risen in 6 of the last 10 days and is up by 16.83% over the past 2 weeks. Volume fell on the last day by -313 thousand shares and in total, 312 thousand shares were bought and sold for approximately $2.19 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.
Given the current short-term trend, the stock is expected to fall -40.77% during the next 3 months and, with a 90% probability hold a price between $3.00 and $4.15 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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RRGB Signals & Forecast
The Red Robin Gourmet Burgers 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 $6.58 and $6.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 21.49%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Red Robin Gourmet Burgers stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.40 and $6.34. 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, Red Robin Gourmet Burgers finds support just below today's level at $6.40. If this is broken, then the next support from accumulated volume will be at $6.34 and $6.00.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.350 between high and low, or 5.11%. For the last week, the stock has had daily average volatility of 5.40%.
Our recommended stop-loss: $6.77 (-3.44%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (RRGB) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Red Robin Gourmet Burgers to open at $7.02, and during the day (based on 14 day Average True Range), to move between $6.61 and $7.41, which gives a possible trading interval of +/-$0.402 (+/-5.73%) up or down from last closing price. If Red Robin Gourmet Burgers takes out the full calculated possible swing range there will be an estimated 11.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.06 (0.71%) than the support at $6.40 (8.70%), 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 Red Robin Gourmet Burgers stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.266 Buy Candidate Unchanged
Predicted Opening Price for Red Robin Gourmet Burgers of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $7.02 ( 0.143%) | $7.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RRGB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.37 | 5.14 % | |
| R2 | 7.24 | 3.23 % | ||
| R1 | 7.15 | 2.05 % | ||
| Current price: | 7.01 | |||
| Support | S1 | 6.89 | -1.76 % | |
| S2 | 6.80 | -2.94 % | ||
| S3 | 6.67 | -4.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.55 | 7.70 % | |
| R2 | 7.48 | 6.70 % | ||
| R1 | 7.06 | 0.713 % | ||
| Current price | 7.01 | |||
| Support | S1 | 6.40 | -8.70% | |
| S2 | 6.34 | -9.56% | ||
| S3 | 6.00 | -14.41% |
FAQ
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