Red Robin Gourmet Burgers Stock Analysis
Technical stock analysis for 18 January 2019
Red Robin Gourmet Burgers fell by -0.90% in the last day from $33.35 to $33.05 The price has risen in 7 of the last 10 days and is up by 14.52% over the past 2 weeks. 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 -179 354 shares and in total 222 002 shares bought and sold for approximately $7.34 million.
Close price at the end of the last trading day (Friday, 18th Jan 2019) of the RRGB stock was $33.05. This is 0.9% less than the trading day before Thursday, 17th Jan 2019.
During day the stock fluctuated 2.58% from a day low at $32.90 to a day high of $33.75.
30 day high of the RRGB stock price was $33.75 and low was $25.46.
90 day high was $36.89 and low was $25.46.
52 week high for the Red Robin Gourmet Burgers - $67.10 and low - $25.46.
Red Robin Gourmet Burgers lies the upper part of a very wide and falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $33.28 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -11.00% during the next 3 months and, with 90% probability hold a price between $22.24 and $29.62 at the end of this period.
Red Robin Gourmet Burgers holds buy signals from both short- and long-term moving averages. In addition, 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 $32.50 and $30.89. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday January 17, 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 90 and the stock is extremely overbought on RSI14, so further reactions should be expected. Some stocks may have a long and hard correction after reaching so high an RSI, but not in all cases. However, the short-term risk has increased drastically and larger movements in the next couple of days can be expected.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $31.12 and $30.10.
There is 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, Red Robin Gourmet Burgers finds support just below today's level at $31.12. If this is broken, then the next support from accumulated volume will be at $30.10 and $30.08.
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 $0.85 between high and low, or 2.58%. For the last week, the stock has had a daily average volatility of 2.93%.
The stock is overbought on RSI14 and lies in the upper part of the trend. Normally this will 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 stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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Red Robin Gourmet Burgers holds several negative signals and we believe that 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 Hold/Accumulate to a Sell Candidate.
|RRGB $33.05 $-0.30(-0.90%)|
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