Below is an analysis of the stock price action for Redbox (RDBX), Innoviz Technologies (INVZ), Cyngn (CYN). You can find a recap table at the end of the page. The content on this page is not financial advice, but is for educational purposes only and merely cites our own personal opinions. You can find the full disclaimer here.
RDBX is continuing its squeeze from last week. It wedged up to 4.75 and 5 on Friday, both which were key levels from the daily and recent previous days. It then saw a move over 6 and consolidated there. It now is seeing a big squeeze above 7, most likely squeezing a combination of short positions from Friday and longer term positions. 7 is the key support level for a possible break down back to 6, where as the 7.43 resistance level could lead to a break out. It is very volatile in the premarket but above VWAP so a squeeze on the open is possible.
Innoviz Technologies (INVZ)
INVZ made a huge move to the upside in premarket on elevate volume. It had a very volatile consolidation at the 5 level, but then broke 4.90 support and had a sizeable retracement to the 4.50 level. It will need to volume and a break of 4.90 for any possible big up trends today. A break of 4.50 could lead to a further breakdown. It has previous range between 4 and 4.50 so if it does not see volume for an up trend, it could very well trade in that existing range.
CYN has continued its squeeze from last week into Monday, which is a good indicator of how the small/micro cap market is right now. It squeezed premarket from the 5.50 level to nearly 7. It is consolidating around 6 now and it will need to hold that for a possible squeeze on the open. A break of 6 might lead to a breakdown back 5.50. Volume is very light this premarket so it might not have the momentum for an up trend unless it squeezes some long term short positions.
|Shares: 10-25milCatalyst: TechnicalATR: 0.50 - 1.00Time Frame: DailyShort Squeeze||Shares: 100-500milCatalyst: Positive Company NewsATR: 0.25 - 0.50Time Frame: 1 Minute||Shares: 25-50milCatalyst: TechnicalATR: 0.50 - 1.00Time Frame: DailyShort Squeeze|