TradeStation

Redfin Is Showing Relative Strength

NASDAQ:RDFN   REDFIN CORPORATION
Housing entered 2020 with strong fundamentals (lack of supply, demographics). Coronavirus magnified those trends by lowering interest rates and driving people from urban apartments.

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 volatility 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 simple moving average ( SMA ).

There could be more volatility 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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