COINSHARES BITCOIN MINING ET (WGMI) Stock Technical Analysis
NASDAQ:WGMI • US91917A2078
We assign a technical rating of 3 out of 10 to WGMI. Although WGMI is scoring some points because its good overall performance in the market in the past year, recent evolutions are not that positive. Both the medium and short term picture give negative signs.
- In the last month WGMI has a been trading in the 34.99 - 52.01 range, which is quite wide. It is currently trading near the lows of this range.
- When comparing the yearly performance of all stocks, we notice that WGMI is one of the better performing stocks in the market, outperforming 90% of all stocks.
- The long term trend is neutral, but the short term trend is negative. Better to stay away from this!
- WGMI is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so WGMI is lagging the market.
- Considerably lower volume is observed in the last couple of days.
WGMI has a bad technical rating, but it does show a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 43.33. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for WGMI in the last couple of days, which is a good sign.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
More info and screens
35.77
When analyzing the support we can see 2 important areas.
- Support @38.84 from a horizontal line in the weekly time frame.
- Support @36.13 from a trend line in the daily time frame.
2 important resistance areas can be observed.
- A resistance zone ranging from 43.33 to 43.84. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A resistance zone ranging from 47.49 to 48.10. This zone is formed by a combination of multiple trend lines in multiple time frames.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | NEUTRAL | NEUTRAL | The long term trend for WGMI is neutral. |
| ChartMill Short Term Trend Indicator | DOWN | NEGATIVE | The short term trend for WGMI is down. |
| ChartMill Relative Strength | 90.54 | POSITIVE | WGMI has a high relative strength, it outperformed 90.54% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | NEGATIVE | The current price of WGMI is below a declining SMA(20). |
| Simple Moving Average/SMA (50) | DOWN | NEGATIVE | The current price of WGMI is below a declining SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of WGMI is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 41.85 | NEUTRAL | The RSI value for WGMI is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.4 | NEGATIVE | The MACD value suggests WGMI has a negative trend. |
| Stochastics (14,3) | 36.42 | NEUTRAL | The Stochastics value for WGMI is a neutral value. |
| Average True Range in percent/ATR (20) | 9.62 | HIGH VOLATILITY | The high ATR as a percentage value for WGMI suggests high volalility. |
| Average Directional Index/ADX (14) | 20.62 | NEUTRAL | The ADX value for WGMI suggests a possible start of a new trend. |
38.845
-1.84 (-4.53%)
COINSHARES BITCOIN MINING ET / WGMI FAQ
What is the technical rating for WGMI stock?
ChartMill assigns a technical rating of 3 / 10 to WGMI.
What is the current trend direction of COINSHARES BITCOIN MINING ET (WGMI) stock?
The current trend direction for COINSHARES BITCOIN MINING ET (WGMI) is Bearish.
What is the RSI signal for COINSHARES BITCOIN MINING ET (WGMI) stock?
COINSHARES BITCOIN MINING ET (WGMI) has an RSI value of 41.8539. This indicates that the stock is currently neutral.
What is the MACD signal for COINSHARES BITCOIN MINING ET (WGMI) stock?
The MACD indicator for COINSHARES BITCOIN MINING ET (WGMI) has a value of -0.397645, indicating a bearish trend.
What are the support and resistance levels for COINSHARES BITCOIN MINING ET (WGMI) stock?
COINSHARES BITCOIN MINING ET (WGMI) has a support level at 38.84 and a resistance level at 43.33. Check the full technical report for our detailed analysis of WGMI support and resistance levels.