Online real-estate brokerage Redfin has emerged as one of the top-performing names in the space, more than doubling on a year to-date basis. (It’s also risen more than 400 percent from its March low.)
This month’s has dragged RDFN downward. It managed to hit a new all-time high above $55 on September 10, but then fell back into the mid-40s.
Interestingly, RDFN made a higher low yesterday than on September 4. This stands in sharp contrast with the broader market, which made a lower low this week. The stock is also holding its 50-day ( ).
There could be more in the near term if the S&P 500 needs to stabilize further. However, RDFN is in a unique space. Momentum followers could return if yesterday’s higher low remains in effect.
Note: This chart uses TradeStation’s custom script Smart Relative Strength.
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