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High volatility in Marathon Patent stock price on Monday which ended trading at $25.98

StockInvest.us, 1 month ago

Marathon Patent

The Marathon Patent stock price gained 7.71% on the last trading day (Monday, 8th Jan 2024), rising from $24.12 to $25.98. During the last trading day the stock fluctuated 17.82% from a day low at $22.62 to a day high of $26.65. The price has risen in 6 of the last 10 days and is up by 4.84% 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, 21 million more shares were traded than the day before. In total, 112 million shares were bought and sold for approximately $2.91 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 149.00% during the next 3 months and, with a 90% probability hold a price between $49.82 and $82.97 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 $24.91 and $18.08. 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 -16.38%. Further fall is indicated until a new bottom pivot has been found.

Marathon Patent finds support from accumulated volume at $24.78 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 $4.03 between high and low, or 17.82%. For the last week, the stock has had daily average volatility of 15.63%.

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.