CLOV squeeze shows signs of life
Clover Health’s stock price appeared to be close to stagnation last week. But now CLOV is out of intensive care and hopes to make a full recovery.
Clover Health Investments Corp (CLOV: NASDAQ) ended the day at $ 13.36, up $ 0.56 (+ 4.37%)
After closing just above the $ 12.00 support level on Friday the 18th, CLOV had everything to play in last week’s trading. And at Monday’s $ 11.24 close, it looked like the stock was turning back to single digits.
However, something else happened on Monday. The 50-day moving average ended a bullish 100-day cross, and on Wednesday CLOV was back above $ 15.00. However, the rally faded towards the end of the week and the stock finished trading at $ 12.60 on Friday.
CLOV got off to a smooth start this week. Monday’s 6% trading range was the second tightest this month. However, yesterday launched another attempt on $ 15.00 but fell to $ 14.44. However, the bulls will be delighted with the appearance of the third daily green candle only in the last 15 sessions.
This suggests that the bears may not have come out of the woods yet.
CLOV price forecasts
According to Swaggystocks.com, Clover Health is the second most mentioned stock on Reddit’s Wallstreetbets investor forum, accounting for over 15% of the sub’s business.
Additionally, Shortsqueeze.com shows that 36.71% of the available float is in the hands of short sellers. This remains incredibly high and leaves the Clover Health share price vulnerable to attempts to squeeze it later.
That being considered, CLOV might have another prick in the tail for the shorts. Additionally, as long as the stock maintains the $ 12.00 level, the technical data supports positioning and indicates higher prices.
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Clover Health Stock Price Chart (Daily)
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