Updated Aris ChartsFolks, do you realize that Aris is up 39% YTD? The stock is on absolute fire. What is healthy for a stock is to push higher, consolidate then repeat. Those that shoot up in a parabolic fashion without the consolidation periods often crash. Crypto and various hot Tech names offer great examples.
The Aris price is right at what should be stiff resistance. The Long Term chart shows a 2-year long downtrend line originating in early 2021 crossing through the present price area. The 38% Fibonacci Retracement line is at 4.71 (i.e. 38% of the move from 7.95 to 2.69).
The Short Term chart, there is an upward trending line of resistance that intersects today's closing price. The price 4.67 also is the 62% Fibonacci Retracement from the most recent swing high of 5.90 down to 2.69.
I'm sure all of this seems like weird voodoo analysis but, hedge funds, institutions, professional investors all know and actively use technical chart analysis. There are numerous algorithims of trading platforms that look for over-extended price moves and key price points to either buy and sell. Right here is where those programs will light up to either sell to take profit or to go short.
What I would like to see is a bit of sideways consolidation of this large move higher. Going straight up will make Aris more susceptible to the the reverse short term. Note on the Short Term chart below that Aris had a beautiful surge from 3.35 to 4.20 and consolidated for a period of time before this latest moonshot.
Aris Long Term Chart Aris Short Term Chart P.S. Blue light special on Aris A series Warrants. Black-Scholes value is $0.50, closed today at $0.45.