RxSight, Inc. Stock Forecast
Weaker technical forecast for RxSight, Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The RxSight, Inc. stock price gained 3.44% on the last trading day (Friday, 3rd May 2024), rising from $59.63 to $61.68. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.80% from a day low at $59.59 to a day high of $61.85. The price has risen in 7 of the last 10 days and is up by 19.58% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 45 thousand more shares were traded than the day before. In total, 519 thousand shares were bought and sold for approximately $32.01 million.
The stock has broken the very wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $60.14, a level that may pose a second chance to hit a runner. According to fan-theory $72.42 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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RXST Signals & Forecast
The RxSight, 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 $55.44 and $52.50. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 14, 2024, and so far it has risen 33.51%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 RxSight, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $56.39 and $54.57. 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, RxSight, Inc. finds support just below today's level at $56.39. If this is broken, then the next support from accumulated volume will be at $54.57 and $53.26.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.26 between high and low, or 3.80%. For the last week, the stock has had daily average volatility of 4.94%.
Our recommended stop-loss: $59.45 (-3.62%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 35 days ago.)
Trading Expectations (RXST) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect RxSight, Inc. to open at $61.04, and during the day (based on 14 day Average True Range), to move between $59.06 and $64.30, which gives a possible trading interval of +/-$2.62 (+/-4.24%) up or down from last closing price. If RxSight, Inc. takes out the full calculated possible swing range there will be an estimated 8.48% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $56.39, some $5.29 (8.58%) from the current price of $61.68, our system finds the risk reward attractive.
Earnings coming up
RxSight, Inc. will release earnings AMC on Monday, May 06, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.170. We will update the financials statements for RxSight, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.30% in the first trading day after earnings release.
Is RxSight, Inc. stock A Buy?
RxSight, Inc. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for RxSight, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $61.04 ( 1.04%) | $61.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RXST
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 63.30 | 2.63 % | |
| R2 | 62.44 | 1.23 % | ||
| R1 | 61.90 | 0.362 % | ||
| Current price: | 61.68 | |||
| Support | S1 | 60.17 | -2.44 % | |
| S2 | 59.64 | -3.31 % | ||
| S3 | 58.78 | -4.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 61.68 | |||
| Support | S1 | 56.39 | -8.58% | |
| S2 | 54.57 | -11.53% | ||
| S3 | 53.26 | -13.65% |
FAQ
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