NEW YORK – Shares of fintech company Dave Inc. (Nasdaq: DAVE) rallied in a highly active morning session on Thursday, with the stock price climbing significantly as it approached a key technical milestone.
As of 10:36 AM EDT, shortly after the market opened, Dave stock was trading at 7.03, or 2.60%. The positive momentum began right from the opening bell, with the stock starting the day at $272.69, well above its previous close of $270.03.
The first hour of trading was characterized by sharp volatility. After a brief dip to a day’s low of 277.75**. This peak places the stock just shy of its 52-week high of $280.30, a critical resistance level that investors are watching closely.
Outlook for the Next Trading Session
Looking ahead to Monday, the primary focus for Dave stock will be its ability to break through and hold above the $280.30 52-week high.
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Bullish Scenario: A successful breach of this level could trigger a “blue sky breakout,” where the absence of recent price resistance could lead to a rapid continuation of the upward trend as momentum traders join in.
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Bearish Scenario: Failure to clear this hurdle could be interpreted as a sign of exhaustion. Investors might see this as an opportunity to take profits, which could lead to a pullback toward the day’s opening price levels. Notably, the current price is trading significantly above the 1-year analyst target estimate of $221.00, which could add to the caution for some investors.
The performance into the close of this session and the opening on Monday will be crucial. Traders will be watching to see if the bullish momentum can be sustained to set a new high, or if resistance will prove too strong, leading to a near-term reversal.
