TuanChe Limited (TC) Is Up, So Why Am I Smiling?

The biggest gainers of the session on the Wall Street include TuanChe Limited (NASDAQ:TC), which rose 0.18 points or 5.59% to trade at $3.4 as last check. The stock closed last session at $3.22 and sets an active trading volume day with a reported 127284 contracts so far this session. TC shares had a relatively better volume day versus average trading capacity of 75.49 million shares, but with a 2.6 million float and a -19.3% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TC stock indicates that the average analyst price target is $12.75 per share. This means the stock has a potential increase of 275% from where the TC share price has been trading recently which is between $3.06 and $3.25. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $13.

The shorts are running away from TuanChe Limited (TC) stock. The latest set of short interest data was released on 15 May 2019, and the numbers show a drop in short interest in TC shares. While short interest still represents only 1.09% of TC’s float, the number of shares shorted have fallen by -1457. The number of shares shorted fell to 28456 shares, down from 29913 shares during the preceding fortnight. With average daily trading volumes at 65615 shares, days to cover decreased to about 1 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “TuanChe Limited Enters Into Agreement to Acquire Longye” and dated June 03, 2019.

Looking at the current readings for TuanChe Limited, the two-week RSI stands at 22.3. This figure suggests that TC stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current TC readings is similarly very revealing as it has a stochastic reading of 15.12% at this stage. This figure means that TC share price today is being overbought.

Technical chart claims that TuanChe Limited (TC) would settle between $3.29/share to $3.37/share level. However, if the stock price goes below the $3.1 mark, then the market for TuanChe Limited becomes much weaker. If that happens, the stock price might even plunge as low as $2.99 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.36. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Maxim Group, assumed coverage of TC assigning Buy rating, according to their opinion released on May 21. Maxim Group, analysts launched coverage of TuanChe Limited (NASDAQ:TC) stock with a Buy recommendation, according to their flash note issued to investors on February 05.

TC equity has an average rating of 2, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated TuanChe Limited (NASDAQ:TC) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.