Color Star Technology Co. CSCW rallied Wednesday, with no company-evident news to explain the rise in share price. The stock could be the subject of NFT speculation.
Color Star shares were up 22.41% at $1.42 at the close Wednesday. 
Color Star Technology Short-Term Chart Analysis: The 5-minute chart above shows the stock has three potentially key levels in the short term.
The stock was trading in a channel early Wednesday between the $1.90 and $2.10 price levels before falling below $1.90 again.
The stock then fell to near the $1.60 level, a support level formed during premarket trading. Now, the stock trades in a channel between $1.60 and $1.90.
The stock is trading above the 200-day moving average (blue) and below the volume-weighted average price (pink). This means the stock may be consolidating before it makes another strong move.
Color Star Technology Daily Chart Analysis: The daily chart above shows the stock has found resistance in the past near $2. This may be an area of longer-term resistance in the future.
The $1.40 price level was an area of previous resistance on the daily chart. As the stock now trades higher than this level, it may become a potential support level.
The stock trades above the 200-day moving average on the daily chart, indicating the sentiment of the stock seems bullish.
Bulls would like to see the stock build back up to resistance levels before breaking above and consolidating. The price consolidating above a previous resistance gives the stock potential to move up further.
Bears would like the stock to fall through the resistance levels with some consolidation before the price may have a further downward move.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
