RedT Energy Plc Forecast and Stock Analysis
Technical RED.L stock analysis for March 22, 2019.
RedT Energy Plc fell by -7.55% in the last day from £1.33 to £1.23 and has now fallen 3 days in a row. The price has fallen in 7 of the last 10 days and is down by -65.97% for this period. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -3.30 million shares and in total 2.83 million shares bought and sold for approximately £3.47 million.
Close price at the end of the last trading day (Friday, 22nd Mar 2019) of the RED.L stock was £1.23. This is 7.55% less than the trading day before Thursday, 21st Mar 2019.
During day the stock fluctuated 8.16% from a day low at £1.23 to a day high of £1.33.
30 day high of the RED.L stock price was £4.60 and low was £0.83.
90 day high was £6.25 and low was £0.83.
52 week high for the RedT Energy Plc - £11.50 and low - £0.83.
RedT Energy Plc lies in the lower of a very wide and falling trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at £0.82 will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -44.58% during the next 3 months and, with 90% probability hold a price between £0.45 and £2.27 at the end of this period.
There are few to none technical positive signals at the moment. RedT Energy Plc holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 £1.31 and £3.73. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Wednesday March 20, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
RSI14 is 15 and the stock is extremely oversold on RSI14, but some stocks may continue to fall despite the high chance of a correction up. The low RSI lowers the general risk and the stock should be considered if other technical requirements like liquidity and risk-reward are meet.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £1.03 and £0.98.
With no support from accumulated volume below today's level the risk is increased, as a drop below the support at £0.00 may give a huge drop in the stock price.
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 £0.10 between high and low, or 8.16%. For the last week, the stock has had a daily average volatility of 28.19%.
RedT Energy Plc is overbought on RSI14 (15). Some stocks may go long and hard while being overbought on RSI, but overbought increases the general risk as higher volatility could be expected, and at some level the stock will have a reaction back to gain new strength.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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Evaluation: Strong Sell Candidate
RedT Energy Plc holds several negative signals and is within a very 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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Strong Sell Candidate.