The stock of Resolute Forest Products Inc. (NYSE:RFP) is now priced at $4.73 and the shares are -0.37 points down or -7.25% lower compared to its previous closing price of $5.1. The stock had 1.16 million contracts set over the past session. RFP shares’ daily volume is compared to its average trading volume at 0.579 million shares. However, it has a float of 86.45 million and although its performance was -1.66% over the week, it’s one to watch. Analysts have given the RFP stock a yearly average price target of $4.38 per share. It means the stock’s downside potential is -7.4% with the RFP share price recently placing at $4.73 to $5.08. However, some brokerage firms have priced the stock below the average, including one that has called $3.25.

The shorts are running away from the Resolute Forest Products Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the RFP shares have declined. Short interest in the stock represents just 0.69% of its float, but the volume has dropped by 0.

In the last trading session, Resolute Forest Products Inc. (NYSE:RFP) dropped by -$0.08 over the week and gained $1.4 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.38. The stock recorded its established 52-week high on 09/16/19.

Since 04/01/20, the stock has traded to a low of $1.14 at 314.91%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Resolute Forest Products Inc.’s two-week RSI is 65.63. This suggests that the stock is neutral at the moment and that RFP shares’ price movement remains stable. The stochastic readings are equally revealing at 90.35% meaning the RFP share price is currently in oversold territory.

The technical chart shows that the RFP stock will likely settle at between $4.96 and $5.2 per share. However, if the stock dips below $4.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.5.

Currently, the stock is trading in the green of MACD, with a reading of 0.2. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at RBC Capital Mkts raised their recommendation for RFP from Sector Perform to Outperform in August 19 review while maintain their target price of $5.5. Scotiabank analysts downgraded their recommendation of the stock from Sector Perform to Sector Underperform while keeping its target price at $3.25 in a flash note released to investors on July 31. CIBC seeing the stock struggling downgraded it from Sector Outperform to Neutral on July 31 placing it at $2.75 to $3.75.

The average rating for the RFP equity is 2.75 and is currently gathering a bullish momentum. Of 4 analysts tracking Resolute Forest Products Inc. polled by Reuters, 2 rated RFP as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the RFP stock price is 9.9X ahead of its 12-month Consensus earnings per share estimates.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Resolute Forest Products Inc. (NYSE:RFP) will decrease by about -99.88%, which will see them reach $756 million. The company’s full-year revenues are, however, expected to diminish by about -5.82%, down from $2920 million to $2750 million. RFP’s expected adjusted earnings should drop almost -224.32% to end up at $0.46 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -102% to record $0.01/share.