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Big movements in Marathon Patent stock price on Thursday moving 16.87% between high and low

StockInvest.us, 1 month ago

Marathon Patent

The Marathon Patent stock price gained 12.10% on the last trading day (Thursday, 4th Jan 2024), rising from $23.44 to $26.27. During the last trading day the stock fluctuated 16.87% from a day low at $23.00 to a day high of $26.88. The price has risen in 7 of the last 10 days and is up by 19.57% 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, 763 thousand more shares were traded than the day before. In total, 97 million shares were bought and sold for approximately $2.54 billion.

On Sep 23, 2022, it was reported that BTIG gave MARA a "Neutral" grade with a "downgrade" action.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 138.29% during the next 3 months and, with a 90% probability hold a price between $45.24 and $77.67 at the end of this 3-month period.

Marathon Patent

The Marathon Patent 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 $26.04 and $17.21. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, December 27, 2023, and so far it has fallen -15.45%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $24.78 and $23.49.There is a 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, Marathon Patent finds support just below today's level at $24.78. If this is broken, then the next support from accumulated volume will be at $23.49 and $22.10.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $3.88 between high and low, or 16.87%. For the last week, the stock has had daily average volatility of 17.79%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Marathon Patent stock to perform well in the short-term.

Check full Marathon Patent forecast and analysis here.