The stock of Borqs Technologies, Inc. (NASDAQ:BRQS) is now priced at $1.23 and the shares are 0.35 points up or 39.46% higher compared to its previous closing price of $0.88. The stock had 152 million contracts set over the past session. BRQS shares’ daily volume is compared to its average trading volume at 754120 shares. However, it has a float of 13.6 million and although its performance was 19.42% 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 $1.15 to $2.23.
The shorts are climbing into the Borqs Technologies, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BRQS shares have risen. Short interest in the stock represents just 0.13% of its float, but the volume has raised by 13877. The volume of shorted shares rised to 17170 from 3293 shares over the last two weeks. The average intraday trading volume has been 2.236 million shares, which means that days to cover moved to roughly 1.
Looking at current readings, Borqs Technologies, Inc.’s two-week RSI is 56.88. 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 14.11% meaning the BRQS share price is currently in overbought territory.
The technical chart shows that the BRQS stock will likely settle at between $1.9233 and $2.6167 per share. However, if the stock dips below $0.8433, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4567.
Currently, the stock is trading in the red of MACD, with a reading of -0.0022. 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.