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Aterian Inc. (NASDAQ:ATER) shares are trading lower Tuesday, possibly seeing profit-taking after the stock made a leap of over 50% on Monday. The stock is a popular name on social media and has been seen in Reddit’s WallStreetBets forum.
Aterian was down 38.21% at $11.11 at time of publication.
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Aterian Daily Chart Analysis
- Shares were falling for a few months, but have looked to break out of what technical traders call a falling wedge pattern.
- The stock had narrowing highs and lows until it broke above the highs and saw a bullish push. Now, the stock is cooling off and looking to have a period of consolidation before the run may continue.
- The stock trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock looks to be in a period of consolidation.
- The stock may find support near the 50-day moving average, while the 200-day moving average may act as resistance.
- The Relative Strength Index (RSI) had pushed up into the overbought region but has fallen some and now sits at 60. This shows there is still more buying pressure in the stock than selling pressure.
- Related: What's Up With Aterian Shares Today
What’s Next For Aterian?
Bullish traders are looking for a period of consolidation where the stock moves sideways while holding most of the gains it has made while it catches its breath. Then, the bulls want to see the stock continue on its run and push higher.
Bears would like to see the stock continue to fall throughout the next few days and be unable to hold any of its gains. Bears then want to see the stock fall below the pattern support from the pennant for a possible strong bearish push.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.