Redfin Corp Forecast and Stock Analysis
Technical RDFN stock analysis for Monday June 24, 2019.
No changes to the price of Redfin Corp in the last trading day ( Monday, 24th Jun 2019 ). During day the stock fluctuated 2.60% from a day low at $18.27 to a day high of $18.75. The price has fallen in 5 of the last 10 days , but is still up by 2.26% over the past 2 weeks.
- 30 day high of the RDFN stock price was $18.82 and low was $15.39.
- 90 day high was $23.47 and low was $15.39.
- 52 week high for the Redfin Corp - $26.01 and low - $13.50.
Redfin Corp has broken the very wide and 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 on the current trend broken, which is $18.48, a level that may pose a second chance to hit a runner. According to fan-theory $22.97 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
Redfin Corp holds buy signals from both short- and long-term moving averages. In addition, 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 $18.39 and $17.55. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday June 20, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention for the next couple of days.
Relative Strength Index (RSI)
The stock holds a RSI14 at 75 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $17.47 and $16.96.
There is 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, Redfin Corp finds support just below today's level at $17.47. If this is broken, then the next support from accumulated volume will be at $16.96 and $16.73.
This stock may move much during a 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 $0.48 between high and low, or 2.60%. For the last week, the stock has had a daily average volatility of 1.98%.
The stock is extremely overbought on RSI14 (75). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stoploss: $17.69 (-4.48%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 75 and this increases the risk substantially. There is a sell signal from pivot top found 2 days ago.)
1.98 %Average volatility
Very Low Low Medium High Very High
Redfin Corp holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.
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|RDFN $18.52 ($0.00 0.00%)|
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