REX American Resources Corporation Stock Forecast
High volatility in REX American Resources Corporation stock price on Thursday which ended trading at $58.71
(Updated on Mar 28, 2024)
The REX American Resources Corporation stock price gained 33.67% on the last trading day (Thursday, 28th Mar 2024), rising from $43.92 to $58.71. During the last trading day the stock fluctuated 16.63% from a day low at $50.50 to a day high of $58.90. The price has risen in 7 of the last 10 days and is up by 34.87% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 343 thousand more shares were traded than the day before. In total, 540 thousand shares were bought and sold for approximately $31.71 million.
Given the current horizontal trend, you can expect REX American Resources Corporation stock with a 90% probability to be traded between $41.57 and $59.22 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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REX Signals & Forecast
The REX American Resources Corporation 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 $46.71 and $44.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 43.51%. 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). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Friday, February 23, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Friday, February 23, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for REX American Resources Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $46.93 and $44.97. There is a 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, REX American Resources Corporation finds support just below today's level at $46.93. If this is broken, then the next support from accumulated volume will be at $44.97 and $44.85.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $8.40 between high and low, or 16.63%. For the last week the stock has had daily average volatility of 5.29%.
The REX American Resources Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $56.77 (-3.30%) (This stock has low daily movements and this gives low risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (REX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect REX American Resources Corporation to open at $56.04, and during the day (based on 14 day Average True Range), to move between $56.60 and $60.82, which gives a possible trading interval of +/-$2.11 (+/-3.59%) up or down from last closing price. If REX American Resources Corporation takes out the full calculated possible swing range there will be an estimated 7.18% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $46.93, some $11.78 (20.06%) from the current price of $58.71, our system finds the risk reward attractive.
Is REX American Resources Corporation stock A Buy?
REX American Resources Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for REX American Resources Corporation of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$56.04 ( 4.55%) | $58.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 64.44 | 9.75 % | |
R2 | 61.23 | 4.29 % | ||
R1 | 59.25 | 0.91 % | ||
Current price: | 58.71 | |||
Support | S1 | 52.83 | -10.02 % | |
S2 | 50.85 | -13.40 % | ||
S3 | 47.64 | -18.86 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 58.71 | |||
Support | S1 | 46.93 | -20.06% | |
S2 | 44.97 | -23.40% | ||
S3 | 44.85 | -23.61% |
FAQ
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