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- 1 RTO stock is trading near its all-time high levels and bulls are confident for a longer uptrend
- 2 The stock price saw a surge after the company posted its annual report
- 3 The RSI and MACD are bullish. See more levels in the article below
During the middle of this year’s march, the company posted its last year’s annual report. After the report went public, the RTO stock price jumped up more than 9.8% in a single day. This was followed by the bullish trend that broke the major resistance of $551.
Why did RTO stock rise?
In the Annual report, the company reported impressive financial growth. The revenue figures increased from $2.9B to $3.7B making growth of 25%, moreover, the company was able to cut operating costs helped the EBIT to grow more than 35% as compared to the previous year.
Moreover, the company was able to generate a return on equity of 8.6% which was a medicover due to some decrease in its net income. As the bulls showed interest in the RTO stock, the firm also gave an amazing dividend per share of $0.08 in return. That accounts for a dividend yield of 1.5% of the current market price.
Technical analysis and price prediction of RTO stock
As of this writing the RTO stock price is trading at a level of $602 after taking the support from its 200 EMA which is currently hovering at a level of $584. However, the 50 EMA is coming down from the top for a bullish crossover with the 200 EMA if this uptrend continues for a while.
Pivot and indicators
Now, let’s take a look at the pivot levels for more clarification of the possible price action shortly. The first and the immediate support level is at $551, on the other hand, the immediate resistance is at $623. If the RTO stock price makes a breakout with either of these, the 2nd support and resistance are on the levels of $491 and $662.
Moreover, indicators like MACD are showing a rise in the strength of bulls. The MACD line has made a bullish crossover with its EMA back at the end of this August. At present, the MACD line is at -3.3 while its EMA is at -5.5.
Moving on to the RSI graph, it is currently in a neutral territory of 55 after coming back from an oversold level of 30, back at the end of this August. RSI is at 56 while its SMA has made a bullish crossover and is at 44.
Conclusion
The price prediction for the RTO stock is bullish if the bulls can get above the 50 EMA. The price is likely to get to its immediate resistance of $623, however, if the bears reject the uptrend, a short position could be taken the RTO stock price could be pushed below the £584 level
Technical levels
Support: £551, £491
Resistance: £623, £662
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
