The stock of Forum Merger II Corporation (NASDAQ:FMCI) is now priced at $18.36 and the shares are 1.11 points up or 6.43% higher compared to its previous closing price of $17.25. The stock had 1.51 million contracts set over the past session. FMCI shares’ daily volume is compared to its average trading volume at 2.353 million shares. However, it has a float of 1.93 million and although its performance was 3.49% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the FMCI share price recently placing at $17.27 to $18.78. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Forum Merger II Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the FMCI shares have declined. Short interest in the stock represents just 24.41% of its float, but the volume has dropped by -170997. The volume of shorted shares dropped to 471431 from 642428 shares over the last two weeks. The average intraday trading volume has been 820064 shares, which means that days to cover moved to roughly 1.
In the last trading session, Forum Merger II Corporation (NASDAQ:FMCI) raised by $0.62 over the week and gained $4.37 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $20. The stock recorded its established 52-week high on 06/17/20.
Since 03/12/20, the stock has traded to a low of $9.76 at 88.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Forum Merger II Corporation’s two-week RSI is 65.23. This suggests that the stock is neutral at the moment and that FMCI shares’ price movement remains stable. The stochastic readings are equally revealing at 70.1% meaning the FMCI share price is currently in oversold territory.
The technical chart shows that the FMCI stock will likely settle at between $19 and $19.65 per share. However, if the stock dips below $17.49, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $16.63.
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.