Volatile ride for Marathon Patent stock price on Wednesday moving between $22.04 and $24.33

StockInvest.us, 2 months ago

Marathon Patent

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.

Marathon Patent

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.