The stock of Torchlight Energy Resources, Inc. (NASDAQ:TRCH) is now priced at $0.33 and the shares are 0.02 points up or 5.42% higher compared to its previous closing price of $0.31. The stock had 6.686 million contracts set over the past session. TRCH shares’ daily volume is compared to its average trading volume at 1.104 million shares. However, it has a float of 77.93 million and although its performance was 6.45% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TRCH share price recently placing at $0.3103 to $0.3589. However, some brokerage firms have priced the stock below the average, including one that has called $2.7.
The shorts are climbing into the Torchlight Energy Resources, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TRCH shares have risen. Short interest in the stock represents just 7.83% of its float, but the volume has raised by 834129. The volume of shorted shares rised to 6.104 million from 5.27 million shares over the last two weeks. The average intraday trading volume has been 1.294 million shares, which means that days to cover moved to roughly 4.716091.
In the last trading session, Torchlight Energy Resources, Inc. (NASDAQ:TRCH) raised by $0.0198 over the week and gained $0.0061 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.3. The stock recorded its established 52-week high on 08/29/19.
Since 05/14/20, the stock has traded to a low of $0.2841 at 15.03%, 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 2.14. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Torchlight Energy Resources, Inc.’s two-week RSI is 52.55. This suggests that the stock is neutral at the moment and that TRCH shares’ price movement remains stable. The stochastic readings are equally revealing at 18.79% meaning the TRCH share price is currently in overbought territory.
The technical chart shows that the TRCH stock will likely settle at between $0.3537 and $0.3806 per share. However, if the stock dips below $0.3051, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2834.
Currently, the stock is trading in the green of MACD, with a reading of 0.0066. 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.
Analysts at ROTH Capital cut their recommendation for TRCH from Buy to Neutral in March 13 review.
The average rating for the TRCH equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Torchlight Energy Resources, Inc. polled by Reuters, 1 rated TRCH as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.