RLX Stock Forecast 2023: Is RLX Ready to Rally Above $2?

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1 RLX stock is currently trading at $1.62, rising by 1.25% in the last 24 hours. The stock has a market capitalization of $2.127 Billion.

2 RLX Technology stock has been facing a tough time in recent months, dropping more than -31.93% year-to-date. However, the stock has tried to pull back in recent weeks, giving 2.53% returns.

RLX stock has been in a downtrend for the past few months, forming lower highs and lower lows. The stock has repeatedly faced rejection from the 50-day simple moving average (SMA), which has acted as a barrier to exiting the trend.

The price action shows that RLX stock has been under selling pressure, with buyers staying on the sidelines. Sellers have a strong edge and continue to make short positions.

RLX stock has had poor performance over the past year. Year-to-date, it has given negative returns of 31.93%, and in the past 6 months, it has given negative returns of 29.87%. In the last 1 month, it has given negative returns of 7.95%, and in the last 7 days, it has given negative returns of 2.53%. This indicates that the stock is in a long-term bearish trend.

RLX Technologies’ products are sold under the brand name “Reetu”. The company’s products are designed to be a healthier alternative to traditional cigarettes. RLX Technologies’ electronic cigarettes use a heating element to vaporize nicotine liquid, which is then inhaled by the user. This process produces much fewer harmful toxins than smoking traditional cigarettes.

At press time, RLX stock was trading at $1.62, with an intraday gain of 1.25%. However, the stock is still below the 50-day SMA, indicating a bearish trend. The intraday trading volume also showed a decline, with 24 hours trading volume of 5.91 million shares, which is less than the average 10-day volume of 9.965 million shares. The market cap of RLX stock is 2.217 billion.

Technical Analysis of RLX Stock

CMT by shubhamsm006 on TradingView.com

The technical analysis of RLX Technology stock is bearish. The stock is currently trading below the 50-day and 200-day moving averages, which is a bearish sign. However, the stock is still above the support level of $1.44.

The relative strength index (RSI) is at 46.67, which is in the neutral zone. The MACD indicator is bearish, but it is not yet in a sell signal.

Overall, the technical analysis of RLX Technology stock is bearish. The stock is trading below its moving averages, but it is still above the support level of $1.44. The RSI is in the neutral zone, and the MACD indicator is bearish.

Summary

RLX Technology stock is in a downtrend and has been under selling pressure for months. The stock has failed to break above the 50-day SMA, which is a resistance level. The stock has also given negative returns over the past year, indicating a long-term bearish trend. The technical indicators are also bearish, but the stock is still above the support level of $1.44. The RSI is neutral, and the MACD is not yet in a sell signal. Therefore, RLX Technology stock is bearish, but it may have some potential to bounce back from the support level.

Technical Levels

The nearest support levels for RLX Technology stock are $1.49 and $1.22. The closest resistance levels are $2.18 and $1.97.

Disclaimer

The analysis in this article is not a guarantee of future performance. It is for informational purposes only. Please do your own research and consult with a financial advisor before making any investment decisions.