The stock of Castor Maritime Inc. (NASDAQ:CTRM) is now priced at $0.19 and the shares are -0.01 points down or -2.91% lower compared to its previous closing price of $0.2. The stock had 5.831 million contracts set over the past session. CTRM shares’ daily volume is compared to its average trading volume at 12 million shares. However, it has a float of 5.77 million and although its performance was -3.54% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CTRM share price recently placing at $0.189 to $0.2. However, some brokerage firms have priced the stock below the average.

The shorts are running away from the Castor Maritime Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the CTRM shares have declined. Short interest in the stock represents just 8.47% of its float, but the volume has dropped by -4892. The volume of shorted shares dropped to 488625 from 493517 shares over the last two weeks. The average intraday trading volume has been 18.934 million shares, which means that days to cover moved to roughly 1.

In the last trading session, Castor Maritime Inc. (NASDAQ:CTRM) dropped by -$0.007 over the week and lost -$0.0679 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.28. The stock recorded its established 52-week high on 09/05/19.

Since 08/04/20, the stock has traded to a low of $0.1801 at 5.77%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Castor Maritime Inc.’s two-week RSI is 26.44. This suggests that the stock is overbought at the moment and that CTRM shares’ price movement remains not stable. The stochastic readings are equally revealing at 26.98% meaning the CTRM share price is currently in overbought territory.

The technical chart shows that the CTRM stock will likely settle at between $0.1973 and $0.2042 per share. However, if the stock dips below $0.1863, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.1822.

Currently, the stock is trading in the red of MACD, with a reading of -0.0032. 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.


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