$37.29 resistance keeps Rogers Communications stock in check as it trades sideways
Rogers Communications Inc. (RCI) stock is trading at $36.51, recording a daily gain of 0.72%. The price is positioned below its key moving averages on short- and long-term timeframes.
Highlights
- RCI/USD remains pressured as it trades below key moving averages across hourly and daily timeframes, signaling sustained bearish control.
- Momentum indicators confirm prevailing weakness, with most signals bearish and limited signs of any immediate counter-trend reversal.
- Price is expected to consolidate between $35.63 and $37.39, with a notably higher probability of a downward move prevailing.
Weak momentum and resistance cap rebound prospects
Technically, RCI is trading below the MA-20 ($36.97) and MA-50 ($37.84) on the hourly chart, as well as below the MA-200 ($37.12) on the daily chart. The Ichimoku Kijun line is at $37.29, marking immediate resistance. Momentum indicators remain weak: RSI is at 32.54 (Sell), MACD gives a Sell signal, and ADX confirms strong downside momentum. CCI and Bull/Bear Power highlight persistent seller dominance, with Stoch RSI and Awesome Oscillator both neutral, suggesting limited support for a reversal in the current session.
Sideways drift likely unless resistance is breached
Over the next several sessions, RCI is expected to trade within a volatility band of $35.63 to $37.39. The likelihood of a sustained upward move is low, while probabilities favor a downside scenario. Unless the price breaks above the $37.29 resistance, a period of sideways consolidation within the established range is the baseline scenario; a drop below $35.63 would confirm renewed selling momentum.
Earlier, analysts noted that Rogers Communications was experiencing persistent downside momentum and a predominantly bearish technical outlook. The latest price action and momentum signals reinforce this trend, making a potential break below $35.63 the critical level for traders to monitor in the coming sessions.
Latest Rogers Communications News
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