Is Marathon Holding? I think it is! – June 28, 2024
Dan Fitzpatrick here at StockMarketMentor.com. I’ve got a quick one here today, MARA, Marathon Digital ( NASDAQ: MARA ), Bitcoin miner.
Where we are now is, this stock is in a pretty nice pattern, where I think it’s got a lot of potential. The 50 and the 200-day moving average are pretty close together. The stock has been tightening up, with higher lows, and lower highs, they are pinching together right here, within 10 percent ups and downs all the time.
And then these two moving averages are less than 15 percent away. I like the way this is setting up. They don’t report earnings until August, so I’m not looking for any kind of a catalyst, per se. So this isn’t, we’ve got to rush in first thing Monday morning and see what MARA ( NASDAQ: MARA ) is doing.
This is what I’m suggesting, I think today the high was at 20.81, so we’ll just call it, let’s say $21.00 here. I would set an alert at $21.00, I know this was a little bit higher here but we got a big down day the next day, so I almost discount this as a high here. I think the main thing is, this high here, today’s intraday high of 20.81.
If the stock can push above that, I think we’ve got the makings of a volatility squeeze that’s going to go for a bit. And then my suggested stop, frankly, would probably be right around there, maybe 19.15ish, something like that. That’s my trade for you, you might want to try that next week.
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