Big movements in Sphere 3D Corp. stock price on Wednesday moving 18.73% between high and low

The Sphere 3D Corp. stock price gained 15.65% on the last trading day (Wednesday, 13th Oct 2021), rising from $7.03 to $8.13. During the day the stock fluctuated 18.73% from a day low at $7.10 to a day high of $8.43. The price has risen in 8 of the last 10 days and is up by 38.97% 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, 39 million more shares were traded than the day before. In total, 74 million shares were bought and sold for approximately $599.00 million.

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 76.69% during the next 3 months and, with a 90% probability hold a price between $11.56 and $20.50 at the end of this 3-month period.

The Sphere 3D Corp. 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 $7.13 and $6.44. 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 Thursday, September 02, 2021, and so far it has fallen -13.51%. 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 $7.35 and $6.40.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, Sphere 3D Corp. finds support just below today's level at $7.35. If this is broken, then the next support from accumulated volume will be at $6.40 and $6.36.

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 $1.33 between high and low, or 18.73%. For the last week, the stock has had a daily average volatility of 14.85%.

Sphere 3D Corp. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.