Trident Acquisition Moves Higher: Technical Levels To Watch

Trident Acquisitions Corp. TDAC stock gained ground Monday after its SPAC merger partner Lottery.com’s purchase of the Mexican lottery companies JuegaLotta and Aganar.

Trident Acquisitions Short-Term Chart Analysis: In the 5-minute chart shown above, the stock has been building higher lows up to a high of $13.50.

In the short term, the high of the day may hold as resistance. The line made from connecting the lows on the chart may hold as support.

The stock is trading above both the 200-day moving average (blue) and the volume-weighted average price (pink). This gives the stock a short-term bullish sentiment. These indicators are potential areas of short-term support.

Trident Acquisitions Daily Chart Analysis: The stock looks to be trading in a channel between $12 and $15 in the daily chart above.

The $12 level is an area of the chart where the stock struggles to fall below. On occasions where the stock goes under $12, it has been unable to stay there for long.

The opposite occurs with the $15 level: the stock has been unable to stay higher than $15 for very long. In one instance in the last three months, the stock closed higher than $15, but dropped below the next day.

Bulls would like to see the stock hold the $12 level as support and eventually rise to resistance where the $15 is tested. They would like to see a break of $15 with consolidation before the stock may potentially go higher.

Bears may like to see a move down through support with consolidation before the price could have a lower move.

Trident Acquisitions trades with a low float of 3.7 million shares. Newer traders take caution, as low float stocks are subject to rapid price movements.

The percentage of short sellers in the float is 25%.