RITM Price Prediction Next Week
Analysis and Insights
Based on the analysis of news and technical indicators, here is the prediction for Rithm Capital Corp (RITM) stock price for the next trading week:
News Impact:
- Rithm Capital announced the redemption of $50 million of its 7.50% Series A Preferred Stock, which may positively impact the common shares due to reduced supply and improved investor sentiment.
- The company is targeting a 20% return on equity (ROE) in Q4 2024, indicating strong financial performance.
- Rithm Acquisition, an affiliate of Rithm Capital, priced its IPO at $10 per share, which may attract additional investor attention to the parent company.
Technical Indicators:
- RSI (14-period): 52.18, indicating the stock is not overbought or oversold.
- MACD: The MACD line is slightly above the signal line, suggesting a weak bullish trend.
- Stochastic Oscillator: The %K line is above the %D line, indicating a bullish signal.
- Fibonacci Levels: Resistance levels at 12.1300 and 12.2700, with support at 11.6500 and 11.5000.
Price Prediction:
Based on the analysis, RITM is expected to rise to $12.10 next week, testing the first resistance level. The stock is likely to experience upward momentum due to positive news and improving technical indicators.
Recommendation:
Buy RITM stock as it approaches the lower end of the target range, with a stop-loss at $11.50 and a take-profit at $12.30.
RITM Similar Chart Price Prediction
The price of RITM is predicted to go up 8.86%, based on the high correlation periods with MNST. The similarity of these two price pattern on the periods is 96.41%.
RITM
MNST
Up: 8.86%Similarity: 96.41%
