RLI Corp Stock Forecast
RLI Corp stock price up 0.735% on Monday
(Updated on Apr 22, 2024)
The RLI Corp stock price gained 0.735% on the last trading day (Monday, 22nd Apr 2024), rising from $140.21 to $141.24. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.84% from a day low at $139.75 to a day high of $142.33. The price has been going up and down for this period, and there has been a -1.56% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 40 thousand more shares were traded than the day before. In total, 203 thousand shares were bought and sold for approximately $28.63 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect RLI Corp stock with a 90% probability to be traded between $137.93 and $152.06 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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RLI Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 4.08%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The RLI Corp 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 $144.35. On a fall, the stock will find some support from the short-term average at $137.94. 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). The stock had a Golden Star Signal on Monday, November 20, 2023 in the long-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 12 Months
The stock had a Golden Star Signal on Monday, November 20, 2023 in the long-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.
A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 12.33% to $158.66 within 52 trading days since signal was issued (Tuesday, April 23, 2024).
Support, Risk & Stop-loss for RLI Corp stock
RLI Corp finds support from accumulated volume at $139.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $2.57 between high and low, or 1.84%. For the last week, the stock has had daily average volatility of 1.79%.
Our recommended stop-loss: $134.33 (-4.89%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (RLI) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect RLI Corp to open at $141.11, and during the day (based on 14 day Average True Range), to move between $138.97 and $143.51, which gives a possible trading interval of +/-$2.27 (+/-1.61%) up or down from last closing price. If RLI Corp takes out the full calculated possible swing range there will be an estimated 3.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $141.55 (0.22%) than the support at $139.88 (0.96%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is RLI Corp stock A Buy?
RLI Corp 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.
Current score: 0.178 Hold/Accumulate Unchanged
Predicted Opening Price for RLI Corp of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $141.11 ( 0.0956%) | $141.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RLI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 143.68 | 1.73 % | |
| R2 | 142.70 | 1.03 % | ||
| R1 | 142.09 | 0.601 % | ||
| Current price: | 141.24 | |||
| Support | S1 | 140.12 | -0.792 % | |
| S2 | 139.51 | -1.22 % | ||
| S3 | 138.53 | -1.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 146.99 | 4.07 % | |
| R2 | 146.45 | 3.69 % | ||
| R1 | 141.55 | 0.219 % | ||
| Current price | 141.24 | |||
| Support | S1 | 139.88 | -0.96% | |
| S2 | 139.26 | -1.40% | ||
| S3 | 137.43 | -2.70% |
RLI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 08, 2024 | Feb 28, 2024 | Mar 20, 2024 | $0.270 | 0.186% |
| 2 | Nov 08, 2023 | Nov 29, 2023 | Dec 20, 2023 | $1.08 | 0.83% |
| 3 | Aug 10, 2023 | Aug 30, 2023 | Sep 20, 2023 | $0.270 | 0.193% |
| 4 | May 04, 2023 | May 30, 2023 | Jun 20, 2023 | $0.270 | 0.208% |
| 5 | Feb 09, 2023 | Feb 27, 2023 | Mar 20, 2023 | $0.260 | 0.201% |
FAQ
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