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Wisekey Pulls Back: Technical Levels To Watch

March 19, 2021 3:28 pm
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Wisekey Pulls Back: Technical Levels To Watch

WiSeKey International Holdings (NASDAQ:WKEY) shares were pulling back Friday.

The stock move follows the company's Thursday announcement of the development of a non-fungible token. Shares are pulling back Friday after rallying on Thursday.

WiSeKey is trading with a market cap of $231.6 million and a public float of 6.3 million shares. At last check the price was trading at $10.99, down 16.11%. wkey5min3-19-21.png

Wisekey Short-Term Chart Analysis: The 5-minute chart above shows the stock pulling back after making a high of $16.88. Previous highs near $16 show this area may be an area of resistance.

Before the rally on Thursday, the stock had highs up near the $9 mark. As a previous resistance, this level may now hold as an area of support.

The stock is trading below both the 200-day moving average (blue) and the volume-weighted average price (pink), indicating there may be bearish sentiment in the short term. These indicators may also act as a short-term resistance.

wkeydaily3-19-21.png

Wisekey Daily Chart Analysis: Above, the daily chart shows the stock has previously been able to find support near the $5 level. This could indicate it will hold support in the future.

The daily chart has shown many highs near the $12 level. In a few instances, the price was able to make highs over this level, but prior to Thursday, it has never been able to close higher — meaning this level could be potential resistance.

Bulls would like to see the stock cross above the potential resistance levels with consolidation before seeing a higher price move. Bears would like to see the stock sell off through the support levels and consolidate before the price potentially drops more.


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