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A very strong day for Argo Blockchain plc stock price on Wednesday

StockInvest.us, 1 month ago


The Argo Blockchain plc stock price gained 8.66% on the last trading day (Wednesday, 15th Sep 2021), rising from $2.02 to $2.20. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 8.64% from a day low at $2.03 to a day high of $2.20. The price has risen in 6 of the last 10 days and is up by 18.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 990 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $3.95 million.

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $2.10, a level that may pose a second chance to hit a runner. According to fan-theory $2.83 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

Argo Blockchain plc

Mostly positive signals in the chart today. The Argo Blockchain plc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1.93 and $1.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, August 17, 2021, and so far it has risen 44.41%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $1.91 and $1.80.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Argo Blockchain plc finds support just below today's level at $1.91. If this is broken, then the next support from accumulated volume will be at $1.80 and $1.75.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.18 between high and low, or 8.64%. For the last week, the stock has had a daily average volatility of 7.63%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Argo Blockchain plc stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full Argo Blockchain plc forecast and analysis here.