Big movements in Phunware Inc. stock price on Tuesday moving 27.92% between high and low

The Phunware Inc. stock price gained 19.85% on the last trading day (Tuesday, 23rd Jan 2024), rising from $0.359 to $0.430. It has now gained 4 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 last trading day the stock fluctuated 27.92% from a day low at $0.375 to a day high of $0.480. The price has risen in 8 of the last 10 days and is up by 470.16% over the past 2 weeks. Volume fell on the last day by -208 million shares and in total, 539 million shares were bought and sold for approximately $231.60 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock has broken the very wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $0.420 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $0.769 sometime during the next 3 months.

Mostly positive signals in the chart today. The Phunware Inc. 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 $0.278 and $0.126. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, January 17, 2024, and so far it has risen 164.39%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Phunware Inc. finds support from accumulated volume at $0.420 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.105 between high and low, or 27.92%. For the last week, the stock has had daily average volatility of 43.72%.

Several short-term signals are positive and the stock has broken the horizontal 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 Phunware Inc. stock to perform well in the short-term period.