Rackspace Technology Inc. Stock Forecast
Rackspace Technology Inc. stock price ended at $1.82 on Monday, after losing 0.274%.
(Updated on May 06, 2024)
The Rackspace Technology Inc. stock price fell by -0.274% on the last day (Monday, 6th May 2024) from $1.83 to $1.82. During the last trading day the stock fluctuated 3.59% from a day low at $1.81 to a day high of $1.88. The price has risen in 6 of the last 10 days and is up by 10.3% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -514 thousand shares and in total, 239 thousand shares were bought and sold for approximately $434.76 thousand.
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 -11.74% during the next 3 months and, with a 90% probability hold a price between $1.20 and $1.80 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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RXT Signals & Forecast
The Rackspace Technology 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 $1.76 and $1.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 22.97%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Rackspace Technology Inc. stock
Rackspace Technology Inc. finds support from accumulated volume at $1.79 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 $0.0650 between high and low, or 3.59%. For the last week the stock has had daily average volatility of 4.62%.
Our recommended stop-loss: $1.76 (-3.54%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (RXT) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Rackspace Technology Inc. to open at $1.84, and during the day (based on 14 day Average True Range), to move between $1.71 and $1.93, which gives a possible trading interval of +/-$0.111 (+/-6.08%) up or down from last closing price. If Rackspace Technology Inc. takes out the full calculated possible swing range there will be an estimated 12.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.84 (1.10%) than the support at $1.79 (1.92%), 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.
Earnings coming up
Rackspace Technology Inc. will release earnings AMC on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.130. We will update the financials statements for Rackspace Technology Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.68% in the first trading day after earnings release.
Is Rackspace Technology Inc. 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: 3.632 Buy Candidate Unchanged
Predicted Opening Price for Rackspace Technology Inc. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $1.84 ( 0.82%) | $1.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RXT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.90 | 4.40 % | |
| R2 | 1.88 | 3.03 % | ||
| R1 | 1.86 | 2.19 % | ||
| Current price: | 1.82 | |||
| Support | S1 | 1.81 | -0.540 % | |
| S2 | 1.79 | -1.38 % | ||
| S3 | 1.77 | -2.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.21 | 21.43 % | |
| R2 | 1.96 | 7.69 % | ||
| R1 | 1.84 | 1.10 % | ||
| Current price | 1.82 | |||
| Support | S1 | 1.79 | -1.92% | |
| S2 | 1.64 | -9.89% | ||
| S3 | 1.59 | -12.64% |
FAQ
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