Redrow plc Stock Forecast
Weaker technical forecast for Redrow plc as stock downgraded to Hold/Accumulate.
(Updated on Apr 25, 2024)
The Redrow plc stock price fell by -0.314% on the last day (Thursday, 25th Apr 2024) from £637.50 to £635.50. During the last trading day the stock fluctuated 3.42% from a day low at £629.00 to a day high of £650.50. The price has fallen in 5 of the last 10 days and is down by -1.17% for this period. Volume has increased on the last day by 25 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, 424 thousand shares were bought and sold for approximately £269.22 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £628.93 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.11% during the next 3 months and, with a 90% probability hold a price between £642.17 and £715.85 at the end of this 3-month period.
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RDW.L Signals & Forecast
There are mixed signals in the stock today. The Redrow plc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at £652.51. On a fall, the stock will find some support from the short-term average at £635.29. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 1.19%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Redrow plc stock
Redrow plc finds support from accumulated volume at £633.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £21.50 (3.42%) between high and low. For the last week, the stock has had daily average volatility of 2.71%.
Our recommended stop-loss: £604.63 (-4.86%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (RDW.L) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Redrow plc to open at £638.33, and during the day (based on 14 day Average True Range), to move between £616.10 and £654.90, which gives a possible trading interval of +/-£19.40 (+/-3.05%) up or down from last closing price. If Redrow plc takes out the full calculated possible swing range there will be an estimated 6.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £633.00 (0.39%) than the resistance at £662.00 (4.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Redrow plc stock A Buy?
Redrow plc 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 Buy to a Hold/Accumulate candidate.
Current score: 0.643 Hold/Accumulate Downgraded
Predicted Opening Price for Redrow plc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| £638.33 ( 0.446%) | £635.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDW.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 659.83 | 3.83 % | |
| R2 | 651.62 | 2.54 % | ||
| R1 | 646.55 | 1.74 % | ||
| Current price: | 635.50 | |||
| Support | S1 | 630.12 | -0.85 % | |
| S2 | 625.05 | -1.64 % | ||
| S3 | 616.83 | -2.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 688.50 | 8.34 % | |
| R2 | 663.00 | 4.33 % | ||
| R1 | 662.00 | 4.17 % | ||
| Current price | 635.50 | |||
| Support | S1 | 633.00 | -0.393% | |
| S2 | 632.00 | -0.551% | ||
| S3 | 629.50 | -0.94% |
RDW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | Feb 22, 2024 | Apr 08, 2024 | £5.00 | 0.759% |
| 2 | Feb 09, 2023 | Feb 23, 2023 | Apr 06, 2023 | £10.00 | 2.16% |
| 3 | Sep 14, 2022 | Sep 22, 2022 | Nov 16, 2022 | £22.00 | 4.98% |
| 4 | Feb 10, 2022 | Feb 24, 2022 | Apr 08, 2022 | £10.00 | 1.85% |
| 5 | Sep 15, 2021 | Sep 23, 2021 | Nov 17, 2021 | £18.50 | 2.91% |
FAQ
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