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Super League Gaming Stock Rallies On Increased Volume: Technical Levels To Watch

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Super League Gaming Stock Rallies On Increased Volume: Technical Levels To Watch

Super League Gaming Inc (NASDAQ: SLGG) shares were trading on increased volume in Thursday’s trading session.

No company-specific news is evident to explain the increase in volume; the company has been trading on increasing volume for the last three months, with large volume surges in the previous three days.

Super League Gaming stock was trading 57.59% higher to $8.21 at last check. 

Related Link: Benzinga Pro's Top 5 Stocks To Watch For Thursday, Mar. 4, 2021: ZM, APPH, MSTR, SKT, SLGG

Super League Gaming Technicals to Watch: The 5-minute chart below shows what technical traders may call speculative support and resistance levels. These levels are based upon chart history in a specific timeframe. One can estimate support and resistance lines based on places where the price has previously struggled to break above or below. 

The chart shows these areas of struggle happen near the $5 price level and the $6 price level. These areas could act as support for the bullish technical trader, while bearish technical traders would like to see the price break below with a consolidation period.

The premarket high is another level the price has struggled to cross. This price level may act as short-term resistance. Bullish technical traders may like to see a price move above the resistance with consolidation before an additional downward move.

slgg5min3-4-21.png

The daily chart below shows similar levels of speculative support and resistance. The chart shows the price has previously been unable to break above the $5 level until Wednesday’s trading session.

One may wager this price level could possibly hold as a support. The bullish technical trader would like to see this price level hold as support with consolidation above, while the bearish technical trader would like to see the support break with consolidation below.

Another key level is the $6.50 price, where the stock has failed to break multiple times. A bullish technical trader would like to see a break of resistance with consolidation above before another upward move may be possible.

Super League Gaming is trading with an $86-million dollar market cap and a public float of 14.08 million shares.

slggdaily3-4-21.png

 

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