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Volatile ride for Marathon Patent stock price on Friday moving between $18.76 and $22.06

StockInvest.us, 1 month ago

Marathon Patent

The Marathon Patent stock price fell by -15.27% on the last day (Friday, 12th Jan 2024) from $22.40 to $18.98. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 17.59% from a day low at $18.76 to a day high of $22.06. The price has fallen in 7 of the last 10 days and is down by -32.48% for this period. 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 -76 million shares and in total, 135 million shares were bought and sold for approximately $2.57 billion.

On Sep 23, 2022, it was reported that BTIG gave MARA a "Neutral" grade with a "downgrade" action.

Given the current short-term trend, the stock is expected to rise 149.40% during the next 3 months and, with a 90% probability hold a price between $47.34 and $86.71 at the end of this 3-month period.

Marathon Patent

There are few to no technical positive signals at the moment. The Marathon Patent stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $24.16 and $19.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, December 27, 2023, and so far it has fallen -38.91%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $16.76 and $15.28.There is a 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, Marathon Patent finds support just below today's level at $16.76. If this is broken, then the next support from accumulated volume will be at $15.28 and $14.86.

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 $3.30 between high and low, or 17.59%. For the last week, the stock has had daily average volatility of 20.02%.

The Marathon Patent stock holds several negative signals and despite the positive trend, we believe Marathon Patent will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Sell candidate.

Check full Marathon Patent forecast and analysis here.