SOS Limited Technical Levels To Watch

SOS Limited SOS shares were trending in Wednesday’s trading session.

No news is evident to explain why the stock is trending on social media. Here are some short- and long-term technical levels to watch.

SOS Limited Technical Levels To Watch: The short-term, 15-minute chart shows the stock price fell through a support level and is now trading within a channel.

The old support of $9 broke through, and the stock retested these levels as resistance and has been unable to break back above.

The inability to break back above the $9 level shows this price level may potentially act as resistance in the future.

After the initial breakdown of the $9 support, the stock fell all the way down to near the $4.50 level before it bounced and started moving back up. Since then, the price has been able to stay above this level meaning to a technical trader it may hold as support in the future.

Taking a step back to the daily chart above shows that the price level of $4 was a resistance level until early February 2021. This level then broke above and was able to hold as a support level.

The stock had some trouble getting over the $8 level at first, finally did cross the level and saw some support before eventually falling back below the level and testing it as a resistance.

Now the stock trades between these two levels in a channel.

Bulls would like to see the stock get over the $8 with some consolidation before the price could potentially run higher.

Bears would like to see the stock back below the $4 level with some consolidation below before the stock may drop further.

SOS Limited is trading Wednesday with a market cap of $880 million. The stock was down 5.44% at $6.26 at last check Wednesday.