The stock of Trine Acquisition Corp. (NYSE:TRNE) is now priced at $11.44 and the shares are 0.24 points up or 2.14% higher compared to its previous closing price of $11.2. The stock had 1.572 million contracts set over the past session. TRNE shares’ daily volume is compared to its average trading volume at 0.575 million shares. However, it has a float of 1.59 million and although its performance was 12.82% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TRNE share price recently placing at $11.25 to $11.45. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Trine Acquisition Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the TRNE shares have declined. Short interest in the stock represents just 0.55% of its float, but the volume has dropped by 0.
In the last trading session, Trine Acquisition Corp. (NYSE:TRNE) raised by $1.3 over the week and gained $1.17 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $11.69. The stock recorded its established 52-week high on 08/26/20.
Since 03/19/20, the stock has traded to a low of $9.4 at 21.7%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Trine Acquisition Corp.’s two-week RSI is 79.66. This suggests that the stock is oversold at the moment and that TRNE shares’ price movement remains not stable. The stochastic readings are equally revealing at 71.43% meaning the TRNE share price is currently in oversold territory.
The technical chart shows that the TRNE stock will likely settle at between $11.51 and $11.58 per share. However, if the stock dips below $11.31, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.18.
Currently, the stock is trading in the green of MACD, with a reading of 0.51. 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.