At press time, RBL stock was trading at $58.00 with an intraday minor loss of 0.09% breaking below the 200-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume (615.644K) also showed a decline as compared to the average 10 days volume of 1.71 Million. The market cap of RBL stock is 10.564 Billion.
The company has a very bad performance over the year. Since the beginning of the year, it gave negative returns of -0.17% and -8.17% in the span of 6 months. In the last month, it gave a negative return of -4.42% and -6.47% in the last seven days. It is indicating a long bearish trend that is continuing till now.
RB Global’s (NYSE: RBL) stock price shows bearishness, losing the gains below the key moving averages. Recently, RBL stock gave a breakdown below the 50 and 200-day moving averages as the bears take the price down. Afterward, buyers did not hold the momentum and started unwinding their positions resulting in slippings in stock price.
Moreover, the price action shows that RB Global stock has persisted in facing selling pressure, and buyers have stayed on the back foot. In contrast, sellers have a strong edge and continue to make short positions.
However, RB Global stock has stayed in a downtrend over the past months and persisted in forming lower highs and lower lows sequences, facing rejection from the upper trendline, which acted as a barrier to exiting the trend.
If RB Global breaks the level of $51.30, the RB Global price could continue to go down and reach the first and second support of $49.06 and $44.00 respectively. However, bear dominance is clearly seen in the stock.
RB Global stock is currently trading below the 50-day and 200-day SMAs. However, if selling pressure increases, the price could break below the lower trendline and move lower.
Technical Analysis of RB Global Stock Price in 1-D Timeframe
The RSI indicator is currently at $37.01, which is in the near-oversold zone. However, the 14-day SMA is above the RSI, which is a bearish signal.
The MACD indicator is also bearish with the MACD line crossing below the signal line. This indicates that the RB Global stock is likely to continue to fall in the near future.
Overall, the technical indicators suggest that RB Global stock is bearish in the short term. However, if it can maintain to break both SMA levels, it could rise in the long term.
Summary
RB Global price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment. RB Global (NYSE: RBL) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the RBL stock price.
Technical Levels
- Support Levels: $59.84 and $55.19
- Resistance Levels: $67.08 and $69.67
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/14/rb-global-stock-price-prediction-will-rbl-break-the-51-mark/