Tuesday, December 22, 2020 6:40 PM EDT
Shares of Redfin Corp (RDFN) have soared in recently. In the last 23 trading days, the stock has gained a full 100% as of the highs today. Having said that, the party may be over. The reason? There is a key time count hitting next week and the stock is putting in a potential topping tail today. Topping tails are bearish reversal signals that tell investors there is institutional distribution occurring.
If this turns out to be a topping tail, the stock has significant downside to the longer-term trend of $67.00 from its current $80+. That target would likely be achieved in the next two weeks.
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