The stock of DiamondPeak Holdings Corp. (NASDAQ:DPHC) is now priced at $17.64 and the shares are -0.19 points down or -1.07% lower compared to its previous closing price of $17.83. The stock had 4.859 million contracts set over the past session. DPHC shares’ daily volume is compared to its average trading volume at 1.512 million shares. However, it has a float of 27 million and although its performance was 32.23% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the DPHC share price recently placing at $17.26 to $19.75. However, some brokerage firms have priced the stock below the average.
The shorts are climbing into the DiamondPeak Holdings Corp. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the DPHC shares have risen. Short interest in the stock represents just 3.11% of its float, but the volume has raised by 816597. The volume of shorted shares rised to 839029 from 22432 shares over the last two weeks. The average intraday trading volume has been 5.804 million shares, which means that days to cover moved to roughly 1.
In the last trading session, DiamondPeak Holdings Corp. (NASDAQ:DPHC) raised by $4.3 over the week and gained $7.4 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.75. The stock recorded its established 52-week high on 08/28/20.
Since 03/19/20, the stock has traded to a low of $9.5 at 85.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, DiamondPeak Holdings Corp.’s two-week RSI is 81.74. This suggests that the stock is oversold at the moment and that DPHC shares’ price movement remains not stable. The stochastic readings are equally revealing at 78.06% meaning the DPHC share price is currently in oversold territory.
The technical chart shows that the DPHC stock will likely settle at between $19.17 and $20.71 per share. However, if the stock dips below $16.68, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.73.
Currently, the stock is trading in the green of MACD, with a reading of 2.1. 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.