Vinco Ventures (BBIG) Stock News and Forecast: Is it time to sell Vinco?
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UPGRADE- Vinco Ventures has its first down day in six sessions on Wednesday.
- BBIG stock fell nearly 13% on Wednesday to close at $4.53.
- BBIG has key support at $3.61, but momentum could be turning bearish.
Vinco Ventures (BBIG) stock finally had a down day on Wednesday as momentum finally ebbed. This was not too surprising given the strong charge the stock has been on for most of this week and last too. BBIG shares put in five straight days of gains before yesterday and moved from $2.31 to $5.49 before yesterday's pullback. The question with these momentum plays is what to do when momentum stalls?
Vinco Ventures Stock News
There is not much new to report here. The initial move was catalyzed by the anticipation of the Cryptyde spin-off. Vinco is a tech holding or investment company. It is due to spin off one of these subsidiaries called Cryptyde shortly under the ticker TYDE. The last official communication was an SEC filing back in November, but that has not stopped a huge social media chatter campaign recently to anticipate the imminent spin-off. This and an old favourite tactic, that of the short squeeze, is what ignited the share price.
Momentum is the oxygen here, and now it appears to be drying up. This is when it is imperative to get out quickly in our view. Stocks like BBIG are highly volatile and can wipe out your hard work quickly. Have an exit or stop loss in place and watch for signs of falling momentum. Plenty of those signs were visible yesterday with falling price next to higher volumes. We feel more losses are now likely in the absence of any official news regarding Cryptyde.
Vinco Ventures Stock Forecast
With something so volatile, technical levels can often be blown straight through. The key level we see is the previous high at $3.61 which also corresponds with the 9-day moving average. The longer-term moving averages are not as important in such speculative names due to the high turnaround and shorter holding time. Volume though is always important, and yesterday it spiked even more as the price fell. Also, note the stall at or near $5.19. This is the price with the highest amount of volume going back to November 2020. Volume means price acceptance. Support sits at $3.61, but more losses are likely in our view.
Vinco Ventures (BBIG) chart, daily
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- Vinco Ventures has its first down day in six sessions on Wednesday.
- BBIG stock fell nearly 13% on Wednesday to close at $4.53.
- BBIG has key support at $3.61, but momentum could be turning bearish.
Vinco Ventures (BBIG) stock finally had a down day on Wednesday as momentum finally ebbed. This was not too surprising given the strong charge the stock has been on for most of this week and last too. BBIG shares put in five straight days of gains before yesterday and moved from $2.31 to $5.49 before yesterday's pullback. The question with these momentum plays is what to do when momentum stalls?
Vinco Ventures Stock News
There is not much new to report here. The initial move was catalyzed by the anticipation of the Cryptyde spin-off. Vinco is a tech holding or investment company. It is due to spin off one of these subsidiaries called Cryptyde shortly under the ticker TYDE. The last official communication was an SEC filing back in November, but that has not stopped a huge social media chatter campaign recently to anticipate the imminent spin-off. This and an old favourite tactic, that of the short squeeze, is what ignited the share price.
Momentum is the oxygen here, and now it appears to be drying up. This is when it is imperative to get out quickly in our view. Stocks like BBIG are highly volatile and can wipe out your hard work quickly. Have an exit or stop loss in place and watch for signs of falling momentum. Plenty of those signs were visible yesterday with falling price next to higher volumes. We feel more losses are now likely in the absence of any official news regarding Cryptyde.
Vinco Ventures Stock Forecast
With something so volatile, technical levels can often be blown straight through. The key level we see is the previous high at $3.61 which also corresponds with the 9-day moving average. The longer-term moving averages are not as important in such speculative names due to the high turnaround and shorter holding time. Volume though is always important, and yesterday it spiked even more as the price fell. Also, note the stall at or near $5.19. This is the price with the highest amount of volume going back to November 2020. Volume means price acceptance. Support sits at $3.61, but more losses are likely in our view.
Vinco Ventures (BBIG) chart, daily
Like this article? Help us with some feedback by answering this survey:
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