Recommendation: Speculative Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside |
|---|---|---|---|---|---|---|---|
| 28 Jun, 24 | RUM | Speculative Buy | USD 5.73 | USD 6.41 | USD 7.03 | 17 days | 22.7% |
Data Powered by EOD Historical Data (“EODHD”).
Rumble Inc. operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a free-to-use video sharing and livestreaming platform where users can subscribe to channels to stay in touch with creators, and access video on-demand (VOD) and live content streamed by creators. It also operates locals.com, a platform where users can access free content and purchase subscriptions to support creators and access exclusive content in creator communities; Rumble Streaming Marketplace, a patent-pending application designed to enable a first-of-its-kind livestreaming and monetization service for creators; and Rumble Advertising Center (RAC), an online advertising management exchange. The company was founded in 2013 and is headquartered in Longboat Key, Florida.
RUM’s stock moved above weekly Volume Weighted Average Price (VWAP) of 5.56
Leading momentum indicator 14-Day RSI recorded trend reversal, as daily RSI moved above 40.
Trading below crucial short-term crucial moving averages of 20-Day and 50-Day EMAs
The stock is in long-term bearish trend
Long-term bearish trend, Foreign Exchange risk, Political risk
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 5.73 | 5.11 | 6.41 | 7.03 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Technical Observation (on the daily chart):
RUM's stock price has discovered a vital lifeline at the lower end of a potential pole and flag pattern on its daily chart, hinting at a potential reversal in the near term. As a result, this upward momentum is anticipated to persist in the short term, with a higher likelihood of continued gains. Furthermore, the stock is on the verge of reclaiming its simple moving average (SMA). Moreover, the 14-period Relative Strength Index (RSI) has begun to reverse its downward trajectory and is now trending upwards, providing additional support for the bullish bias.
As per the mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Rumble Inc. (NASDAQ: RUM) at its closing price of USD 5.73 as of Jun 27, 2024.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Software - Application
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| RUM Rumble Inc. |
-0.106 1.98% | 5.25 | - | - | 24.44 | 7.90 | 21.86 | -13.5434 |
| CRM Salesforce.com Inc |
-3.05 1.05% | 288.52 | 100.89 | 27.47 | 7.42 | 4.34 | 7.44 | 26.81 |
| SAPGF SAP SE |
0.004 0.0018% | 222.66 | 76.28 | 22.88 | 5.61 | 3.84 | 5.59 | 26.18 |
| SAP SAP SE ADR |
1.73 0.76% | 228.36 | 75.80 | 22.37 | 5.62 | 3.75 | 5.51 | 25.79 |
| INTU Intuit Inc |
7.05 1.15% | 620.42 | 55.56 | 32.68 | 11.28 | 10.07 | 11.62 | 40.11 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Past performance is neither an indicator nor a guarantee of future performance.
The reference date for all price data, currency, technical indicators, support, and resistance levels is of Jun 27, 2024. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
RSI: Relative Strength Index
USD: United States dollar
Note: Trading decisions require a thorough analysis by individual. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
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