Where Is Opendoor's Stock Rally Headed Next?

Opendoor Technologies Inc. OPEN shares are trading higher Thursday after the company announced better-than-expected second-quarter financial results.

The company reported a loss of 24 cents per share, beating the estimate calling for a loss of 34 cents per share. The company reported revenue of $1.19 billion, beating the estimate calling for $1.06 billion.

Opendoor Technologies was up 17% at $17.08 at last check.

See Also: Why Opendoor Shares Are Trading Higher Today

Opendoor Technologies Daily Chart Analysis

• The stock looked to have broken out of what technical traders call an ascending triangle pattern.
• The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
• Each of these moving averages may hold as a potential area of support in the future.
• The $15.50 price level was holding as resistance for a time before the stock broke out. Now this level may hold as support in the future.
• The Relative Strength Index (RSI) has been shooting higher and now sits at 80. This means there was a large number of buyers that recently entered into the stock.

What’s Next For Opendoor Technologies?

Bullish traders are looking to see the stock continue to trade above the higher low trendline. They would then like to see the stock breakout above resistance and consolidate.

Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. This could let the stock see a further bearish push.

Photo: courtesy of Opendoor.