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Volatile ride for Marathon Patent stock price on Friday moving between $7.67 and $8.56

StockInvest.us, 2 months ago

Marathon Patent

The Marathon Patent stock price gained 0.50% on the last trading day (Friday, 15th Jul 2022), rising from $8.00 to $8.04. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 11.60% from a day low at $7.67 to a day high of $8.56. The price has risen in 7 of the last 10 days and is up by 50.56% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 13 million shares were bought and sold for approximately $106.44 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.

The last rating was given by B. Riley Securities on Jul 12, 2022. The price target was changed from 9 to 8.Over the last 90 days, this security got 2 buy, 4 sell, and 0 hold ratings.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $7.41, a level that may pose a second chance to hit a runner. According to fan-theory $11.68 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $7.83 and $7.62. 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 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. 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, July 08, 2022, and so far it has fallen -5.52%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $7.01 and $6.87.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, Marathon Patent finds support just below today's level at $7.01. If this is broken, then the next support from accumulated volume will be at $6.87 and $6.65.

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 $0.89 between high and low, or 11.60%. For the last week, the stock has had a daily average volatility of 10.36%.

Marathon Patent 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.

Check full Marathon Patent forecast and analysis here.