Republic Services (RSG stock) price shows selling pressure and failed to extend the momentum, resulting in slippage below $150 in the last trading sessions. Moreover, the price action shows a trendline breakdown and indicates a negative outlook; if the price slips below the 100-day EMA, the fall may extend toward the immediate support of the 200-day EMA near $140. Furthermore, the technicals suggest short buildup and seller interaction in the past sessions. However, the buyers tried to halt the gains and put efforts to reach $200 soon.
RSG stock price shows a reversal from the top, and a bearish double-top pattern shows a negative outlook for the upcoming sessions. Moreover, the pattern suggests a follow-up selling and may retest the 200-day EMA soon.
Republic Service’s share price failed to extend the momentum and made an inverted hammer candlestick showing that buyers tried to surpass the neckline of $160. Still, sellers maintained a strong grip and threw back the bulls, continuing the fall.
At press time, RSG stock price is trading at $144.90 with an intraday gain of 0.53%, showing neutrality on the charts. Moreover, the trading volume increased by 1.98% to 998.966K, and the market cap is $45.836 Billion. However, Analysts maintained a buy rating with a yearly target price of $165.58, suggesting a strong growth outlook for the upcoming sessions.
Republic Services, Inc. engages in the provision of environmental services. It operates through the following segments: Group 1, Group 2, and Group 3.
The Group 1 segment focuses on recycling and solid waste in geographic areas in the western United States.
The Group 2 segment includes the recycling and solid waste business in geographic areas located in the southeastern, mid-western, and eastern seaboard of the United States.
The Group 3 segment includes environmental solutions businesses in geographic areas across the United States and Canada.
RSG Stock Price Shows Breakdown On Daily Charts
On the daily charts, RSG stock price shows a trendline breakdown and made a double top pattern, showing seller interest and initiation of short buildup in the past sessions. Furthermore, the primary support of $150 was broken, suggesting that buyers are losing their grip and failing to hold the gains. Moreover, the price slipped below the 61.8% Fib level and the Bollinger band, showing sellers’ control in the past sessions.
The RSI curve hovers near the oversold region and shows a negative crossover, indicating a volatile chart structure on the charts.
The MACD indicator showed a convergence of the MA line with the signal line showing a bearish chart structure and may head toward the 200-day EMA soon.
Summary
Republic Services stock (RSG stock) price shows a breakdown of the double top pattern and slipped below the trendline of $150, indicating sellers’ interest in the past sessions. Moreover, the price action shows that bulls failed to surpass the neckline of $160 and showed a strong rejection from the supply region, and distribution was noted on the charts.
Technical Levels
Support Levels: $140 and $130
Resistance Levels: $150 and $165
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/09/05/rsg-stock-nyse-rsg-slides-below-150-will-the-fall-extend/