Remark Holdings Inc. (NASDAQ: MARK) shares were trading higher Monday on heavy volume. The stock is a popular penny stock in the Reddit community.
Remark Holdings was up 84.4% at $4 midday Monday.
Remark Holdings Daily Chart Analysis
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The stock broke out of what technical traders call a falling wedge pattern and has been flying higher.
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The price was fading for a time and the price was condensed into a point before the stock saw a breakout. After pushing past resistance, the stock saw a large upward move.
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The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
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Each of these moving averages may hold as an area of support in the future.
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The Relative Strength Index (RSI) flew higher and now sits at 93. This means there are many more buyers in the stock than there are sellers. If the RSI continues to stay near this area, the stock price will likely continue to rise.
What’s Next For Remark Holdings?
Bullish traders are looking to see the stock continue to push higher and eventually consolidate while holding its gains. Bulls may then be able to see a further push higher with some consolidation.
Bearish traders are looking to see the stock start cooling off and falling back toward where it traded in the pattern. Bears are looking to see the RSI begin dropping to signal there is less buying pressure in the stock.
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