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Volatile ride for Castor Maritime Inc. stock price on Friday moving between $3.05 and $3.42

StockInvest.us, 5 months ago

StockInvest.us

The Castor Maritime Inc. stock price gained 750.77% on the last trading day (Friday, 28th May 2021), rising from $0.36 to $3.05. During the day the stock fluctuated 12.08% from a day low at $3.05 to a day high of $3.42. The price has been going up and down for this period, and there has been a 672.93% gain for the last 2 weeks. Volume fell on the last day by -69 million shares and in total, 13 million shares were bought and sold for approximately $40.48 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.

Given the current short-term trend, the stock is expected to fall -12.73% during the next 3 months and, with a 90% probability hold a price between $0.31 and $2.66 at the end of this 3-month period.

Castor Maritime Inc.

The Castor Maritime 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 $0.77 and $0.52. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 27, 2021, and so far it has risen 750.77%. 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 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.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $0.37 between high and low, or 12.08%. For the last week, the stock has had a daily average volatility of 9.53%.

The Castor Maritime Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Castor Maritime Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell Candidate to a Hold/Accumulate candidate.

Check full Castor Maritime Inc. forecast and analysis here.