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

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