Funko Stock Technical Levels To Watch
Funko Inc. (NASDAQ:FNKO) shares rallied Tuesday as traders circulated a Monday story from Toy News International titled “Funko Looking To Cash In on the NFT Craze.”
Funko shares gained 9.82% Tuesday, closing at $18.12.
Funko Short-Term Chart Analysis: The 5-minute chart above shows the stock is trading between key levels of $17.75 and the high of the day at $21.17.
The price level of $17.75 previously acted as support and resistance on the short-term chart. This level may hold as support in the future.
The high of the day is up at $21.17; this is where the stock has found resistance already and may find it again in the future.
The price is trading above the 200-day moving average (blue) and below the volume-weighted average price (pink), indicating the stock is consolidating.
There may not be a strong move in either direction until the price crosses one of these indicators.
Funko Daily Chart Analysis: The daily chart shown above displays three potential key levels for the stock.
The price level near $20 has shown resistance previously and may potentially show resistance again in the future.
The price tested the $16 level and was able to find support previously. Traders could consider this level to be a level of support in the future. If the price were to be unable to hold the $16 level as support, the price may fall to the $14 level before it finds support again.
Bulls would like to see the stock move higher up to the resistance level before potentially breaking out. The stock would need to consolidate above resistance for potential further upwards moves.
Bears would like to see the stock fall through the support level and consolidate before possibly moving lower.
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