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Tuesday, January 18, 2022

You ask, and we analyze: will Vinco Ventures stock abandon this model before Christmas?

On Thursday night, Benzinga asked his Twitter followers what they were buying at Friday’s opening. From Bensing’s answers, I chose one ticker for technical analysis.

@ jjcotto1, @ darshanp570, @ joiiee1, @MACDzNuts, @ TrojanJG12, @TheGraphFund, @DDBuckets, @Ohio_Shawn, @Royal_brx, and @USRandys are buying Vinco Ventures, Inc., while @ RickardErikss16 is going to buy morekardErikss16 shares.

Vinco Ventures has targeted two short squeezes this year, but since the last squeeze, when the stock hit a record high of $ 12.49 on September 8, Vinco Ventures has traded in a steep downtrend, shedding about 77 percent of its value. …

The underlying stats haven’t changed much, however, and Vinco Ventures still has characteristics that make it a potential short squeeze candidate.

Vinco Ventures chart

Vinco Ventures may have found a bottom when it printed a doji reversal candle at $ 2.38 on Dec 6 and bounced slightly the next day. The rebound up from the level nullified the downtrend and Vinco Ventures has since developed into a symmetrical triangle on the daily chart, forming a series of lower highs and higher lows.

Vinco Ventures intends to exit the triangle on or before December 23rd, and if the pattern is recognized, both bulls and bears could watch for above average volume and then break out. Recent volume was below average, indicating consolidation.

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Vinco Ventures has three gaps higher in the chart that will likely be filled at some point in the future because the gaps in the charts are filled in about 90% of the time. The closest gap is between $ 3.56 and $ 3.77, the second is between $ 5.56 and $ 5.86, and the larger gap is between $ 9.41 and $ 9.51.

The stock is trading in line with the eight-day exponential moving average (EMA) but below the 21-day EMA, and the eight-day EMA is trending below the 21-day, which is bearish. Vinco Ventures is also trading below the 50-day simple moving average, indicating bearish long-term sentiment.

The bulls want to see big bullish volume and break Vinco Ventures from the triangle pattern, allowing the stock to make a higher high. Above resistance lies at $ 3.06 and $ 3.56.

Bears want to see big bearish volume and push stocks down from the triangle. The stock is supported lower at $ 2.16 and $ 1.55.


Melanie Shaffer

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.


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