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- 1 FRC stock price shows strong selling pressure and is heading toward a demand zone of $3.
- 2 Sellers have regained control of the game and the price declined forming a bearish price action.
FRC stock price (FRC) shows strong bearishness and resumption of the free fall after the buyers tried to hold the key level of $10. The price has dropped from $16 to close at $3.51 in the last 4 sessions, wiping out another 80% of its value in less than a week, after the disclosure of the quarterly results.
The First Republic Bank went bankrupt in March after which the stock price crashed nearly 90% in March 2023. The stock price dropped from $120 to $15 in a very short span. Thereafter, the stock tried to sustain itself in the range of $12 to $17.
However, the declaration of quarterly results triggered a gap-down opening followed by a decline of nearly 30% on the same day, and the price continued with momentum thereafter.
The Quarterly results outperformed the analyst’s estimates but they also could not stop the decline and the stock crashed. The company reported the revenue to be 1.20 Billion with a surprise of 27.3 Million revenue estimated by the Analysts. The earnings were also reported to be $1.23 Billion beating the analyst’s estimates by 37.46%
FRC Stock Price Crashes 80% Again In The Last 4 Sessions.
The FRC stock price currently trades at $3.51 and is in a free fall after the quarterly results.
The short-term outlook for the stock is bearish at the moment as the stock has already crashed from $120 to $3.51 in the past 6 months. The stock has again started losing buyers and has crashed after the quarterly results. Analysts predict the stock may fall more as it does not have any strong support on the lower side. Any positive entry is possible only after the price consolidates to bottom out or forms any bullish price action.
The EMAs Showing A Golden Crossover On the Daily Chart
The daily FRC stock price chart shows that the price is trading below 50 and 200 EMA both indicating a strong bearish sentiment prevailing in the stock.
The overall Technical Opinion rating including RSI and MACD is signaling a 90% sell with a strong short-term bearish outlook on maintaining the current direction.
Conclusion
FRC stock price (FRC) plunged from $16 to $3.51 in four sessions after the disclosure of the quarterly results. The First Republic Bank went bankrupt in March and the stock crashed from $120 to $15. The quarterly results beat the estimates but could not stop the decline. The stock is in a free fall with no major strong support. The short-term outlook is bearish and analysts expect more fall. Any positive entry needs consolidation or a bullish pattern.
Technical Levels
- Support levels: $3.16 and $1.31.
- Resistance levels: $12.16 and $17.16.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
