Redfin heads firmly south - Analysis - 16-06-2022

2022-06-16 12:28:01 GMT (Economies.com)
 

Redfin Corporation's stock (RDFN) kept falling amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, with negative signals from the RSI despite reaching oversold levels, marking a loss of 1.23% or 10 cents, settling at 8.03, with trading volumes surpassing 6.2 million shares, above 10-day averages of 3.4 million shares. 

 

The decline came after the company said it'll let go of 470 employees, or 6% of total workforce by June, due to untenable market conditions, while expecting costs of $9.5 million for this move as a one-time cost, and $10.5 million in the second quarter. 

 

Therefore we expect more losses for the stock, targeting the support of 5.80, provided the resistance of 9.63 holds on.

 

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Expected trend for today: Bearish 

 
 
 
  Symbol Last Change Chg.%
0.9688
0.0033
0.3397%
1.0813
-0.0007
0.0675%
18.834
-0.024
0.127%
82.301
3.007
3.792%
89.32
3.00
3.48%
1657.310
11.950
0.726%
 
 
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