Redbox seeks a bottom to bolster it - Analysis - 23-06-2022

Redbox Entertainment's stock (RDBX) fell in the intraday levels even after reporting retail sales up 12.8% y/y in the week ending June 18, due to Father Day sales, and the fourth of July sales, marking a loss of 12.93% in the last session, or 1.5 points, settling at 101.0, with trading volumes surpassing 8.6 million shares, below 10-day averages of 31.2 million shares.

The stock is moving alongside the upward correctional short-term trend line, seeking a bottom to bolster it higher, amid positive pressure from the 50-day SMA, countered by negative signals from the RSI.

Therefore we expect the stock to return higher, targeting the first resistance at 13.35, provided the support of 8.56 holds on.

Open Live Trading Account

Expected trend for today: Bullish