The share price of Red Robin Gourmet Burgers (RRGB) has been headed south the past 12 months and it is likely to migrate further south with bearish charts and indicators as well as a downgrade by TheStreet's Quant Ratings service.
In this daily chart of RRGB, above, we can see the flight pattern has been bearish the past 12 months. RRGB is below its declining 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line is pointed down telling us that sellers have been and still are more aggressive.
In this three-year weekly chart of RRGB, above, we can see the 2015 price peak. Prices are below the declining 40-week moving average line. Notice how the weekly OBV line topped out before the price peak, telling us that investors sold into strength. The OBV line is still pointed down, suggesting that even after this decline sellers are still aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is clearly bearish. RRGB could decline to next support in the $35 area.