Sphere 3D Corp (NASDAQ: ANY) is having yet another incredible day in the market today with no news issued. There have been no press releases and no SEC filings. However, there is indeed a reason for the gains. Today, we’ll talk about:
- Why ANY stock is headed up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
What’s Going On With ANY Stock
As mentioned above, Sphere 3D is having a strong day in the market today, following up on the gains that we saw from the stock yesterday. However, with no press releases or SEC filings, many are wondering why it’s running. Here’s what’s happening:
The most recent news from the company was that it had regained compliance with NASDAQ listing requirements. In particular, the company was informed that its stock was trading below the $1.00 minimum price bid. Nonetheless, last week, ANY regained compliance just before Thanksgiving.
While there was a pretty strong reaction on that day, the stock continued higher in sessions to follow. All of the upward movement ultimately led to the stock trading above its 200 moving average, a key indicator for long-term movement. Now, ANY continues to bounce above its 200 day moving average, suggesting that the gains are not over. As a result, technical traders and investors alike are getting in on this run with the expectation of gains and turning that expectation into a self-fulfilling prophecy.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that it’s important to follow both, the news and technical indicators. In the case of Sphere 3D, last week’s news led to gains that caused technical indicators to light up, suggesting more gains ahead. So, what we have is a mix of excited investors and traders alike, looking to get in on the potential opportunity. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (10:58), ANY stock is trading at $7.60 per share after a gain of $1.50 per share or 24.59% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on ANY. In particular, we’re interested in following this technical run to see just how high it pushes the stock. Considering current signals, it could go far higher. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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