On Thursday evening, Benzinga asked her Twitter followers what they were buying outdoors on Friday. From the responses, Benzinga chose one bar for technical analysis.
Tweet embedAnd Tweet embedAnd Tweet embedAnd Tweet embedAnd @darshanp570And @Aaron_529And @wisar21459468And Tweet embedAnd Tweet embedAnd @Joseph 97029372. And Tweet embed they buy Ventures, Inc (NASDAQ: BBIG).
Between August 27 and September 8, 2021, Vinco Ventures rose about 272% before entering a sharp downtrend that took it from the all-time high of September 8th at $12.49 to $2.18 on Thursday. The meteoric rise was due to a short squeeze, something that 2021 has become famous for in the stock market as retail traders join the world of trading and investing en masse during the stay-at-home orders that have plagued the world, in most parts of the world. the past two years.
The stock becomes a good candidate for short pressing when a number of key stats are aligned, and not much has changed for Vinco Ventures over the past few months, which means another short squeeze could be in the cards for 2022.
Some of the stats to consider when evaluating a stock on whether a short squeeze is possible are to consider the short interest, the total amount of shares available for trading (floating) and the amount of institutional and internal ownership.
Vinco Ventures ranks highly within these three categories because the stock has a relatively small float of 123.38 million shares with insiders and institutions holding 28.81%. The stock also has a high flotation ratio which sold at 30.38 million, up from 28.58 million in November.
Perhaps most importantly, Vinco Ventures hit a major support level on Thursday and bounced, which could indicate that the bottom is inside, especially since a number of other bullish signals are becoming evident on the stock chart.
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Vinco Ventures scheme: Vinco Ventures has not traded below a major support level at $2.16 since April and has not traded consistently below it since January 2021. On Thursday, when Vinco Ventures tested the level as support and rebounded, the stock printed a hammer candle on the day’s chart, indicating higher prices. Friday may come.
Vinco Ventures has three gaps on the chart, with the closest gap between $3.56 and $3.77, a second gap between $5.56 and $5.86 and the largest gap between the $9.45 to $9.51 range. Gaps in the charts fill in about 90% of the time, so Vinco Ventures will likely be trading in the ranges at some point in the future.
The stock’s Relative Strength Index (RSI) has been hovering near the 34% level since Dec 27. When a stock’s RSI approaches or reaches the 30% level, it becomes oversold, which can be a buy signal for technical traders although it should be noted that the RSI and other indicators can remain stretched for extended periods of time .
Both bulls and bears need size to enter Vinco Ventures. Average daily trading volume for the stock has been mostly average or below average since October. When the stock has a volume below average, this indicates a lack of interest.
Vinco Ventures has higher resistance at $2.63 and $3.06 and lower support at $2.16 and $1.55.
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