Takung Art Skyrockets: Technical Levels To Watch
Takung Art Co Ltd. (NYSE:TKAT) gained 227.3% in Wednesday's session, closing at $22.60. The stock is showing no company evident news to explain the large jump in the share price.
As of 3 p.m., Takung Art was the top-trending equity on StockTwits.
Takung Art Chart Analysis: The 5-minute chart above shows the stock has been flying all day.
The price is trading above both the 200-day moving average (blue) as well as the volume-weighted average price (pink). This gives the chart a bullish sentiment and hints that these levels may hold as potential support in the future.
The $10 level is a place on the chart the stock was unable to cross Monday. The area may hold as a support level in the future. Next, the $14 level could possibly be a key level of support. The stock was able to break above this level and later retested and held it as support.
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The $20 level is another key area to watch. This is an area the stock was unable to break before, but is now breaking above. For the stock to push higher, the price will have to test this area as a support level before the price may have a higher move.
Bulls would like to see the support levels hold before further upward moves occur. Bears would like to see the stock start to fall through the support levels and below the indicators for more downward moves.
Takung Art Price Analysis: The stock is trading with a market cap of $65 million and with a public float of 5.97 million shares. The low float should be a cautionary sign to newer traders, as the price can move very rapidly in either direction.
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