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CleanSpark Stock Trades Lower After Offering: Technical Levels To Watch

March 16, 2021 2:30 pm
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CleanSpark Stock Trades Lower After Offering: Technical Levels To Watch

CleanSpark Inc. (NASDAQ:CLSK) shares were losing ground in Tuesday’s session after the company announced a public offering of 9 million shares at $22 each. 

clsk5min3-16-21.png

CleanSpark Short-Term Technical Analysis: The 5-minute chart above shows the stock took a large tumble following the offering news announced Monday.

The offering price of $22 is an area that may provide short-term support to technical traders.

The stock previously struggled to cross above the $32 mark. This is an area that may be a short-term resistance in the future.

The price is trading below the 200-day moving average (blue), providing a bearish short-term sentiment. This indicator could be a potential resistance level in the future. The stock is holding the volume-weighted average price (pink).

The price staying above this indicator helps the stock become more bullish in the short term. The price crossing below the VWAP may bring about more bearish sentiment in the short term.

clskdaily3-16-21.png

CleanSpark Daily Chart Analysis: Looking at the daily chart shows what technical traders may call a bullish flag pattern. The pattern comes after a bullish run and occurs when the stock consolidates for a while before the stock moves again.

Although the pattern has the word “bullish” in the name, technical analysis is never always correct. Traders wanting to trade the stock should draw their own lines.

The bottom of the channel may hold as support as it has in the past. The top of the channel may hold as resistance as it has in the past.

Bears would like to see a break of support and this could possibly mean the stock moves down further. Bulls would like to see a break of resistance that could move the price up further.

CLSK Price Action: The stock is trading with a market cap of $705 million and a public float of 21.35 million shares. The stock was down 24.71% at $22.09 at last check. 

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