Last week, Techprecision Corporation (OTC:TPCS) published its latest quarterly financial results which apparently didn’t have much effect on the share price as since then the share price remained in a range between $1 and $1.1.
On the last trading session, TPCS dropped down 1.82% to $1.08 on a volume of 215 thousand shares. The trading activity was approximately six times higher than the daily average.
According to the short volume data, which was published by FINRA at the end of the day, nearly 40 thousand shares were exchanged in short transactions yesterday. This makes around 19% of the whole volume generated during the day.
From a technical point of view, TPCS is not in a good position at present. The stock has been unable to penetrate above the 50-MA for a long time. In addition, TPCS seems to have formed a head and shoulders pattern just as the MACD indicator has started to decline.
The support at $1, which has been tested three times by TPCS in the last three months, is very important for the stock. Apart form being a psychological border to the penny stocks kingdom, this level is close to the 52-week low of the company.
So, apparently, a lot of speculative eyes will be fixed on this area in the following days in order to see how TPCS will perform at this technical threshold.
