JustPlainHenry

Weekly Forecast 13th July 2021

Long
NYSE:O   Realty Income Corporation
I haven't made consistent posts for quite a while and that is due to the time constrain that I've suffered as a university student. So I've mostly only had time to analyze and make trades myself; neglecting the public posts and forecasts. Anyways, as always I am still bullish on O, It has always been a solid performer in my long-term portfolio. In one of my previous posts, it appears that my forecast was somewhat correct, more than I initially predicted and the stock now sees itself trading in an upward range. Even with the share issue that occurred previously the stock's price still remains strong and shows promise that bullish progress will continue to be made in the near future.

Anyways, what I can observe in the price action is mostly bullish . The following will be some general information about my analysis. The depth of the analysis will depend on the time I have available:
On the weekly graph, we can see that the general trend has been slowly creeping upward rather consistently which makes me happy as I would like to add into my long-term portfolio weekly.
Zooming into the daily graph we are provided some more meaningful information to create a forecast, allowing me to draw some trendlines that resemble a ascending channel ; although this can generally be seen as a bearish pattern we must ultimately wait for more information before we can confirm anything. There isn't really much to comment on the price action as all the indicators and analysis generally point toward gradual movement to the upside.
Forecast:
In my most optimistic case I can expect price to rise to about the 72-73 dollar mark testing the resistance barrier where it can either be rejected and make a short term drop to the support at roughly 68. From there we will require more information before saying anything.
As for my more neutral case, price might not even reach the top of the channel and could drop right down to the support after hitting 69.

Anyways, that is what I've forecast for this stock. Take it with a grain of salt and note, that none of this is financial advice so do your down research. Happy trading.

Comments

Good analysis. The drop happened as you said in your forecast ;-)
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JustPlainHenry RedOptionFox318
@RedOptionFox318, thank you very much! I try my best not to rush these for accuracy purposes. So I really appreciate the comment!
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