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Jiayin Shares Spike Nearly 70%: Technical Levels To Watch

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Jiayin Shares Spike Nearly 70%: Technical Levels To Watch

Jiayin Group Inc. (NASDAQ: JFIN) shares rallied Thursday, gaining 68.63% and closing at $9.14, with no company-evident news to explain the move. 

The stock is trading with a market cap of $280 million and trading with a public float of 3.5 million shares.

Newer traders should take such a low float as a cautionary sign, as the price is subject to rapid price movements.jfin5min3-18-21.png

Jiayin Short-Term Chart Analysis: The 5-minute chart above shows the stock rallied Thursday morning to a high of $13.60.

The shares found support near $9 later. Resistance may be found in the future near the high, and support may potentially be found near the $9 level.

The stock is trading above the 200-day moving average (blue) giving the stock a bullish sentiment in the short term. The stock is trading under the volume-weighted average price. The stock may continue to trade sideways until it breaks above or below these indicators.

Bulls would like to see the price cross above the high of the day with consolidation before the price may move higher. Bears would like to see the stock fall through the $9 support with consolidation before moving lower. In such a case where the stock would fall past $9, it may not find more support until it nears $6.

 

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