Why DropCar, Inc. (DCAR) Is Exploding 2.06% Today

DropCar, Inc. (NASDAQ:DCAR) is among the top gainers of the stock market today, skyrocketing 2.06% or (0.02 points) to $1 from its previous close of $0.98. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 235564 contracts so far this session. DCAR shares had a relatively better volume day versus average trading capacity of 266.49 thousand shares, but with a 3.06 million float and a 11.34% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for DCAR stock indicates that the average analyst price target is $12 per share. This means the stock has a potential increase of 1100% from where the DCAR share price has been trading recently.

During the recent trading session for DropCar, Inc. (NASDAQ:DCAR), the company witnessed their stock rise $0.11 over a week and surge $0.36 from the price 20 days ago. When compared to their established 52-week high of $6.36, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 03/26/19. The recent low of $0.51 stood for a -84.28% since 10/14/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.94 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for DropCar, Inc., the two-week RSI stands at 62.49. This figure suggests that DCAR stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current DCAR readings is similarly very revealing as it has a stochastic reading of 42.7% at this stage. This figure means that DCAR share price today is being neutral.

Technical chart claims that DropCar, Inc. (DCAR) would settle between $1.03/share to $1.08/share level. However, if the stock price goes below the $0.88 mark, then the market for DropCar, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.78 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.04. 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.