Online discount real estate brokerage firm Redfin (RDFN) went public in the summer of 2017 and did not "take off" until the pandemic when its share price became a "ten bagger". Prices peaked in early 2021 and continued to slide until this November.
Is RDFN ready to make a sustained recovery? Let's check the charts and indicators.
In this daily bar chart of RDFN, below, I can see just part of RDFN's decline. Prices started to move sideways in October but made a slightly lower low in November. Prices have doubled from its nadir but a durable base pattern is going to need more development, in my opinion. A huge volume surge in November supports the idea of a meaningful low but trading volume has only shown a modest increase in the past two months.
The On-Balance-Volume (OBV) line has improved modestly from November. The Moving Average Convergence Divergence (MACD) oscillator is finally above the zero line.