The stock of Luokung Technology Corp. (NASDAQ:LKCO) is now priced at $0.48 and the shares are -0.03 points down or -6.52% lower compared to its previous closing price of $0.51. The stock had 1.323 million contracts set over the past session. LKCO shares’ daily volume is compared to its average trading volume at 2.612 million shares. However, it has a float of 133 million and although its performance was -6.71% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the LKCO share price recently placing at $0.4602 to $0.5111. However, some brokerage firms have priced the stock below the average.

The shorts are running away from the Luokung Technology Corp. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the LKCO shares have declined. Short interest in the stock represents just 0.07% of its float, but the volume has dropped by -306594. The volume of shorted shares dropped to 94838 from 401432 shares over the last two weeks. The average intraday trading volume has been 1.349 million shares, which means that days to cover moved to roughly 1.

In the last trading session, Luokung Technology Corp. (NASDAQ:LKCO) dropped by -$0.0342 over the week and lost -$0.1802 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.535. The stock recorded its established 52-week high on 09/16/19.

Since 03/25/20, the stock has traded to a low of $0.34 at 39.94%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Luokung Technology Corp.’s two-week RSI is 34.82. This suggests that the stock is neutral at the moment and that LKCO shares’ price movement remains stable. The stochastic readings are equally revealing at 8.1% meaning the LKCO share price is currently in overbought territory.

The technical chart shows that the LKCO stock will likely settle at between $0.5045 and $0.5333 per share. However, if the stock dips below $0.4536, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4315.

Currently, the stock is trading in the red of MACD, with a reading of -0.0179. 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.

The stocks P/S ratio currently stands below the group’s average of 44.1. Luokung Technology Corp. has its P/E ratio at 1.8, which means that the stock is currently trading at a discount relative to the 6.1 industry average.