Sphere 3D Stock Flew Higher Monday, But What's Next?

Sphere 3D Corp. ANY shares are trading higher Monday, although there looks to be no company-specific news to explain the jump in price. The stock halted up on a circuit breaker earlier today. The stock also has been trending on social media sites throughout the day.

Sphere 3D was up 22.61% at $6.40 at last check Monday afternoon.

Sphere 3D Daily Chart Analysis

• The stock looked to have broken out of an ascending triangle pattern, but fell back into the pattern. Since the stock rallied higher and broke resistance once again.
• The $4.50 price level held as resistance in the past, but since the stock has broken out of the pattern, this area may now hold as support in the future. The higher low trendline may also continue to hold as support in the future.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been moving up the past few days and now sits at 76. This shows the stock has seen more buyers the past few days, pushing the stock into the overbought range.

What’s Next For Sphere 3D?

Bullish traders are looking to see the stock continue to break out and push higher until the stock starts to cool off. Then bulls are looking to see the stock consolidate for a time while holding the gains it has made. If the stock is able to consolidate, then it may see a further bullish push in the future.

Bearish traders would like to see the stock begin to fall and for the stock to fall back below the $4.50 level. Bears are then looking to see the stock break below the higher low trendline and the moving averages. A break below the trendline and the moving averages could hint the stock is changing in sentiment and trend.

Image by Gerd Altmann from Pixabay