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A very strong day for Churchill Capital Corp IV stock price on Monday

StockInvest.us, 1 year ago


The Churchill Capital Corp IV stock price gained 10.65% on the last trading day (Monday, 7th Jun 2021), rising from $23.95 to $26.50. , 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 9.17% from a day low at $24.31 to a day high of $26.54. The price has been going up and down for this period, and there has been a 33.77% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 million more shares were traded than the day before. In total, 23 million shares were bought and sold for approximately $602.92 million.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $25.32, a level that may pose a second chance to hit a runner. According to fan-theory $35.01 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

Churchill Capital Corp IV

Mostly positive signals in the chart today. The Churchill Capital Corp IV 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 $22.59 and $20.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 53.62%. 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 $24.46 and $23.87.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, Churchill Capital Corp IV finds support just below today's level at $24.46. If this is broken, then the next support from accumulated volume will be at $23.87 and $22.09.

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 $2.23 between high and low, or 9.17%. For the last week, the stock has had a daily average volatility of 9.50%.

Churchill Capital Corp IV holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy Candidate to a Strong Buy Candidate candidate.

Check full Churchill Capital Corp IV forecast and analysis here.