Redrow plc Stock Forecast
Stronger technical forecast for Redrow plc stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The Redrow plc stock price gained 0.86% on the last trading day (Tuesday, 23rd Apr 2024), rising from £638.50 to £644.00. During the last trading day the stock fluctuated 1.46% from a day low at £637.50 to a day high of £646.83. The price has been going up and down for this period, and there has been a -1.15% 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, 97 thousand more shares were traded than the day before. In total, 492 thousand shares were bought and sold for approximately £317.15 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 £628.86 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 3.92% during the next 3 months and, with a 90% probability hold a price between £653.49 and £738.82 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
RDW.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.55%. 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 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 £653.77. On a fall, the stock will find some support from the short-term average at £636.43. 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).
Support, Risk & Stop-loss for Redrow plc stock
Redrow plc finds support from accumulated volume at £643.00 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 £9.33 (1.46%) between high and low. For the last week, the stock has had daily average volatility of 3.27%.
Our recommended stop-loss: £610.75 (-5.16%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (RDW.L) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Redrow plc to open at £642.78, and during the day (based on 14 day Average True Range), to move between £624.52 and £663.48, which gives a possible trading interval of +/-£19.48 (+/-3.02%) up or down from last closing price. If Redrow plc takes out the full calculated possible swing range there will be an estimated 6.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £643.00 (0.16%) than the resistance at £662.00 (2.80%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Redrow plc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.024 Buy Candidate Upgraded
Predicted Opening Price for Redrow plc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| £642.78 ( 0.190%) | £644.00 |
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 | 652.10 | 1.26 % | |
| R2 | 648.54 | 0.705 % | ||
| R1 | 646.34 | 0.363 % | ||
| Current price: | 644.00 | |||
| Support | S1 | 639.21 | -0.743 % | |
| S2 | 637.01 | -1.09 % | ||
| S3 | 633.45 | -1.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 688.50 | 6.91 % | |
| R2 | 663.00 | 2.95 % | ||
| R1 | 662.00 | 2.80 % | ||
| Current price | 644.00 | |||
| Support | S1 | 643.00 | -0.155% | |
| S2 | 640.50 | -0.543% | ||
| S3 | 633.00 | -1.71% |
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
Click here for our free guide on how to buy Redrow plc Stock.
