The stock of Borqs Technologies, Inc. (NASDAQ:BRQS) is now priced at $1.16 and the shares are 0.19 points up or 19.58% higher compared to its previous closing price of $0.97. The stock had 4.308 million contracts set over the past session. BRQS shares’ daily volume is compared to its average trading volume at 755914 shares. However, it has a float of 13.6 million and although its performance was 9.43% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the BRQS share price recently placing at $0.98 to $1.4452. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Borqs Technologies, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the BRQS shares have declined. Short interest in the stock represents just 0.02% of its float, but the volume has dropped by -12709. The volume of shorted shares dropped to 3293 from 16002 shares over the last two weeks. The average intraday trading volume has been 250286 shares, which means that days to cover moved to roughly 1.
Looking at current readings, Borqs Technologies, Inc.’s two-week RSI is 48.38. This suggests that the stock is neutral at the moment and that BRQS shares’ price movement remains stable. The stochastic readings are equally revealing at 15.94% meaning the BRQS share price is currently in overbought territory.
The technical chart shows that the BRQS stock will likely settle at between $1.4101 and $1.6603 per share. However, if the stock dips below $0.9449, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.7299.
Currently, the stock is trading in the red of MACD, with a reading of -0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.