Trump Media Shares Soar 18.5%, Approaching Key $22 Resistance—What’s Next?
Shares in Trump Media & Technology got a massive boost of nearly 19% on Tuesday. On Wednesday, the stock was up 18.5%, consolidating at a price of $21.80 per share at the end of the day. Moreover, the firm registered a bull streak for the fourth time in a row over a last sessions. The shares are on track for the longest positive trading period since June. For some time today, the DJT stock price jumped to $22. This is a remarkable comeback from its intraday low of $11.75 per share on September 24.
However, there still remains a wide gap from the peak of $79.38, which was achieved at the end of March, soon after being listed on the Nasdaq following a merger with SPACs. The presently positive movement, which is due to the large trading volume, indicates the growing attention of investors to the company after some hard times in the last few months.
Trump Media Transfers 800K Shares to ARC
In a different development, it was mentioned in a Thursday filing with the Securities and Exchange Commission (SEC) that Trump Media had issued almost 800,000 common stock shares, and ARC Global Investments II received them as compensation. ARC was one of the early boosters of the SPAC, which was the business that made Trump Media go public.
The company is very near to the 100% per cent mark, but this does not mean the Trump Media is out of the game yet. Trump Media largely took over the venture company. The stake of the fierce president of almost 57% saw a drop in the price of the last month’s shares to new bottoms when sellers started taking advantage of the lock-up period that expired.
Trump Media & Technology Group Corp. Chart Analysis
Watching Trump Media & Technology Group Corp. (NASDAQ: DJT) closely, we are sure to finalize our decisions if we find that it moves in the right direction. The stock opened at $21.69, touched a high of $21.97, and closed at $21.81 after some delayed profit booking. The result was a moderate gain of 0.60% (+$0.13) for the day. The trading turnover was 192,123 shares, which shows a good interest in the company.
From the chart analysis, we observed a big leap happening on October 7, when the stock was going from $18.00 to $21.00. This unexpected peak was due to a massive volume increase that showed the heavy buying pressure. After that the stock underwent a small contraction, in which it was moving from $20.00 – $21.00, and then it eventually reached the $22.00 level.
A remarkable thing is the bull market trend of the stock, which shows that it progresses with the formation of higher highs and higher lows daily. At present, it is testing the resistance of the price of $22.00, and a move here will bring a new wave up. On the contrary, if it cannot penetrate the barrier, a weakened phase of the company may occur.
From time to time, we will be keeping a close eye on the volume of trading or any external news that may push the stock either way. Watch TM&T Group Corp. at $22.00, the level of key resistance is being tested. Breakout can be an up signal, so you can make a purchase that you don’t want to miss.
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