Foresight Autonomous Holdings shares Gap Up After Announcement
Foresight Autonomous Holdings (FRSX) announced on March 12th 2021 that its wholly owned subsidiary, Eye-Net Mobile Ltd,. has completed a pilot project in the first phase of testing. The project was with an intelligent transport system division of a multi-billion dollar global vehicle manufacturer. After the announcement came there was a spike in up in share price.
Foresight Technical Levels To Watch
For the short-term, the 5-minute chart above shows the price gap as the stock moved from around $7 to $8.60 premarket as of this writing. The stock currently has sold off some of these gains.
A key level before the gap was around the $7.40 price mark, as the stock was unable to break above this price. This is an area of potential support if the price were to fall to this level.
A couple of potential key resistance levels come around the $7.80 price level and the $8.60 price mark. The $7.80 price level was a place where the stock found some support after the gap up but wasn’t able to hold.
There is a possibility that this level could become a resistance level in the future. Another level to watch is at $8.60 this level was around the high during premarket trading where the stock was stopped after high amounts of selling pressure. This area could also hold as potential short-term resistance.
The daily chart shows the stock looks to be trading in a channel with key levels of $6 and $11. The $6 level has previously held up as resistance before it was broken. The stock retested this area as a support level and the price has been unable to cross below this level multiple times.
The price near the $11 mark has shown previously to be resistant. The price has been unable to close and stay above this level for enough time to consolidate and get a higher move.
Bulls would like to see the price cross above resistance with a period of consolidation before the stock may see the next leg up. Bears would like to see the price fall through the support level and consolidate below before the price may have a chance at falling further.
Foresight Autonomous is trading with a market cap of $466 million.