WiSeKey International Holdings 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 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.
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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