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Volatile ride for Digital World Acquisition Corp. stock price on Wednesday moving between $90.63 and $106.35

StockInvest.us, 4 months ago


The Digital World Acquisition Corp. stock price fell by -8.55% on the last day (Wednesday, 19th Jan 2022) from $101.63 to $92.94. During the day the stock fluctuated 17.35% from a day low at $90.63 to a day high of $106.35. The price has risen in 6 of the last 10 days and is up by 57.31% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -31 thousand shares and in total, 32 thousand shares were bought and sold for approximately $2.98 million.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $108.45 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Digital World Acquisition Corp. stock with a 90% probability to be traded between $9.73 and $108.04 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Digital World Acquisition Corp.

The Digital World Acquisition 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 $83.24 and $64.36. 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). 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 Friday, October 22, 2021, and so far it has fallen -14.61%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Digital World Acquisition Corp. finds support from accumulated volume at $91.14 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 $15.72 between high and low, or 17.35%. For the last week, the stock has had a daily average volatility of 15.78%.

Digital World Acquisition Corp. 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Check full Digital World Acquisition Corp. forecast and analysis here.