Volatile ride for Globalstar Inc stock price on Wednesday moving between $2.09 and $2.74StockInvest.us, 4 months ago
The Globalstar Inc stock price gained 29.95% on the last trading day (Wednesday, 8th Sep 2021), rising from $2.07 to $2.69. During the day the stock fluctuated 31.10% from a day low at $2.09 to a day high of $2.74. The price has risen in 6 of the last 10 days and is up by 103.79% 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, 231 million more shares were traded than the day before. In total, 277 million shares were bought and sold for approximately $745.10 million.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $2.07, a level that may pose a second chance to hit a runner. According to fan-theory $2.86 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Mostly positive signals in the chart today. The Globalstar 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 $2.18 and $1.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, August 19, 2021, and so far it has risen 118.70%. 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 is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $2.35 and $2.20.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, Globalstar Inc finds support just below today's level at $2.35. If this is broken, then the next support from accumulated volume will be at $2.20 and $2.10.
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 $0.65 between high and low, or 31.10%. For the last week, the stock has had a daily average volatility of 15.49%.
The Globalstar Inc stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Several short-term signals are positive and the stock has broke the rising 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 Globalstar Inc stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Globalstar Inc forecast and analysis here.