Volatile ride for Marathon Patent stock price on Wednesday moving between $22.04 and $24.33StockInvest.us, 2 months ago
The Marathon Patent stock price gained 0.592% on the last trading day (Wednesday, 20th Dec 2023), rising from $21.97 to $22.10. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 10.39% from a day low at $22.04 to a day high of $24.33. The price has risen in 8 of the last 10 days and is up by 42.21% 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, 25 million more shares were traded than the day before. In total, 116 million shares were bought and sold for approximately $2.56 billion.
On Sep 23, 2022, it was reported that BTIG gave MARA a "Neutral" grade with a "downgrade" action.
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 $18.10, a level that may pose a second chance to hit a runner. According to fan-theory $22.86 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 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 $18.82 and $12.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, December 11, 2023, and so far it has risen 50.85%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Marathon Patent finds support from accumulated volume at $21.97 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 $2.29 between high and low, or 10.39%. For the last week, the stock has had daily average volatility of 10.32%.
The Marathon Patent stock is extremely overbought on RSI14 (85). 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.Since the Marathon Patent has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
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 Marathon Patent stock to perform well in the short-term period.Check full Marathon Patent forecast and analysis here.