The stock of Graf Industrial Corp. (NYSE:GRAF) is now priced at $19.7 and the shares are 1.54 points up or 8.48% higher compared to its previous closing price of $18.16. The stock had 1.435 million contracts set over the past session. GRAF shares’ daily volume is compared to its average trading volume at 1.023 million shares. However, it has a float of 15.76 million and although its performance was 12.31% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the GRAF share price recently placing at $19.07 to $21.2. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Graf Industrial Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the GRAF shares have declined. Short interest in the stock represents just 3.78% of its float, but the volume has dropped by 0.
In the last trading session, Graf Industrial Corp. (NYSE:GRAF) raised by $2.16 over the week and gained $6.2 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $24.35. The stock recorded its established 52-week high on 07/06/20.
Since 03/16/20, the stock has traded to a low of $9.87 at 99.59%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Graf Industrial Corp.’s two-week RSI is 64.69. This suggests that the stock is neutral at the moment and that GRAF shares’ price movement remains stable. The stochastic readings are equally revealing at 62.92% meaning the GRAF share price is currently in neutral territory.
The technical chart shows that the GRAF stock will likely settle at between $20.91 and $22.12 per share. However, if the stock dips below $18.78, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $17.86.
Currently, the stock is trading in the green of MACD, with a reading of 0.35. 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.