The stock of Qualigen Therapeutics, Inc. (NASDAQ:QLGN) is now priced at $5.54 and the shares are 0.04 points up or 0.73% higher compared to its previous closing price of $5.5. QLGN shares have a float of 18.14 million and although its performance was -3.32% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the QLGN share price recently placing at $5.3001 to $5.8. However, some brokerage firms have priced the stock below the average, including one that has called $175.

The shorts are climbing into the Qualigen Therapeutics, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the QLGN shares have risen. Short interest in the stock represents just 4.46% of its float, but the volume has raised by 484969. The volume of shorted shares rised to 808636 from 323667 shares over the last two weeks. The average intraday trading volume has been 4.049 million shares, which means that days to cover moved to roughly 1.

In the last trading session, Qualigen Therapeutics, Inc. (NASDAQ:QLGN) dropped by -$0.19 over the week and gained $0.58 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $30.75. The stock recorded its established 52-week high on 09/10/19.

Since 06/30/20, the stock has traded to a low of $3.71 at 49.33%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of -0.36. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Qualigen Therapeutics, Inc.’s two-week RSI is 52.31. This suggests that the stock is neutral at the moment and that QLGN shares’ price movement remains stable. The stochastic readings are equally revealing at 25.3% meaning the QLGN share price is currently in overbought territory.

The technical chart shows that the QLGN stock will likely settle at between $5.79 and $6.05 per share. However, if the stock dips below $5.29, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.05.

Currently, the stock is trading in the red of MACD, with a reading of -0.11. 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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