Marin Software Stock Skyrockets: Key Technical Levels To Watch

Marin Software Inc. MRIN shares were trading higher Tuesday after the stock was caught by Reddit retail traders. The stock was found by traders who patrol the WallStreetBets subreddit and was pumped throughout the day. The stock was also trending on social media sites such as StockTwits.

The stock trades with a small float of 9 million shares and can be subject to large movements.

Marin Software was up 68.14% at $12.61 at last check.

Marin Software Daily Chart Analysis

• Shares were flying Tuesday and moved above previous resistance levels.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment in the stock has been bullish.
• The stock may find support near each of these moving averages.

Key Marin Software Levels To Watch

• The stock was trading within a channel before breaking above previous resistance and flying higher.
• The $6 level previously held as resistance, and now this area may hold as support. The $8 level may hold as a support as well, as this was near the low on Tuesday.
• The $1.50 level was where the stock previously held as support; this was an area the stock struggled to cross below. If the $8 or $6 levels do not hold, this is where the stock may find strong support.

What’s Next For Marin Software?

The stock will likely cool off after the large run-up on Tuesday. Bullish traders would like to see the stock find support near one of the key levels and begin to move higher again. Bulls want to see the stock begin to form higher lows.

Bearish traders would like to see the stock fail to hold the support levels. If the stock is able to break below both the $6 and $8 support levels, then it may fall until previous support near the $1.50 mark. Bears also would like to see the stock fall below the moving averages.