Red Violet Inc. Stock Forecast
Red day on Thursday for Red Violet Inc. stock after losing 0.176%
(Updated on Apr 25, 2024)
The Red Violet Inc. stock price fell by -0.176% on the last day (Thursday, 25th Apr 2024) from $17.01 to $16.98. During the last trading day the stock fluctuated 2.87% from a day low at $16.56 to a day high of $17.04. The price has fallen in 8 of the last 10 days and is down by -10.91% for this period. Volume has increased on the last day by 16 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 39 thousand shares were bought and sold for approximately $668.66 thousand.
The stock has broken the wide and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $17.66 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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RDVT Signals & Forecast
There are few to no technical positive signals at the moment. The Red Violet Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $17.46 and $18.49. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -16.97%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Red Violet Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Red Violet Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.475 between high and low, or 2.87%. For the last week, the stock has had daily average volatility of 2.75%.
Red Violet Inc. is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RDVT) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Red Violet Inc. to open at $16.86, and during the day (based on 14 day Average True Range), to move between $16.40 and $17.56, which gives a possible trading interval of +/-$0.575 (+/-3.39%) up or down from last closing price. If Red Violet Inc. takes out the full calculated possible swing range there will be an estimated 6.78% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $18.00, some $1.02 (6.01%) from the current price of $16.98, our system finds the risk reward not very attractive.
Is Red Violet Inc. stock A Buy?
Red Violet Inc. holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.261 Sell Candidate Unchanged
Predicted Opening Price for Red Violet Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $16.86 ( 0.717%) | $16.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDVT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.33 | 2.08 % | |
| R2 | 17.15 | 1.01 % | ||
| R1 | 17.04 | 0.352 % | ||
| Current price: | 16.98 | |||
| Support | S1 | 16.68 | -1.79 % | |
| S2 | 16.56 | -2.45 % | ||
| S3 | 16.38 | -3.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.64 | 15.67 % | |
| R2 | 19.61 | 15.49 % | ||
| R1 | 18.00 | 6.01 % | ||
| Current price | 16.98 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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