OPEN Stock Price Shot up 7%; Is Opendoor Stock Turning Bullish?

• OPEN stock price rose 7.86% and attempted to break the $2.50 hurdle.
• Opendoor stock price regained $2.00 and recovered 40% approx. from the swing low. 
• Third-quarter earnings of Opendoor Technologies Inc. beat the EPS estimate.

OPEN stock price surged 7.86% in the last trading session and attempted to break out of the $3.00 hurdle. It took the support of $1.82 and reversed upward by forming a higher high candle. 

Opendoor stock price is also trying to climb above the 50-day EMA to turn the short-term trend. But the price is near the supply zone and losing the bullish momentum. 

Opendoor Technologies Inc. stock price begins to recover after the release of Q3 earnings. It shows investors reacted positively to the earnings and short-term buyers came forward to halt the downfall. 

On a daily time frame chart, OPEN stock price seems to be stuck in the narrow range between $1.82 to $2.91. The next direction in the stock will be visible when the price breaks out of either side of the range. 

The short-term trend as well as the positional trend is on the downside. So, the minor pullback rallies will face difficulty in sustaining the higher levels. 

The buying volume is average and does not correlate with the recent upmove in the prices. It indicates the up move might be temporary and price may again face rejection.

Will OPEN Stock Price Break the Higher Range?

OPEN stock price bounced back from the support and regained the $2.00 level. It shows buyers are trying their best to rebound and bring back the confidence of long-term investors. 

In Q3 earnings Opendoor Technologies Inc. reported an EPS of negative $0.16 and revenue of $980 Million. It beat the EPS estimates by 19.97% but missed the revenue by 3.14%. 

Investors focus on the EPS which is quite better than the estimates and stock price slowly begins to recover. 

The analysis suggests if the OPEN stock price climbs above the 50-day EMA and sustains, then the possibility of a higher range breakout will increase. 

Opendoor Stock Price Rose 18% in Current Week: Are Bulls Back?

Opendoor stock price rose approximately 18% in the current week and formed a bullish candle. Buyers need to give follow-up momentum to break out of the $3.00 hurdle else bears will again take control and restrict the upside. 

The MACD curve positively intersected with the average line indicating mild bullishness. The RSI at 56 slopes upward denoting the strength of bulls and the supertrend generated a fresh buy signal. Therefore, for the short term, the price may rise and reach $3.00. 

Conclusion

OPEN stock price shot up 7% in the last session and showed a surprising recovery. The next direction in Opendoor stock price will be visible when the price comes out of the existing range. 

The analysis suggests that if OPEN shares climb above the 50-day EMA, then the possibility of the upward range expansion will increase. 

Technical Levels

• Resistance levels: $3.00 and $4.18
• Support levels: $1.82 and $1.50

Disclaimer

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