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- 1 VRM stock shows positive buying volume in the past sessions.
- 2 Buyers persist in accumulating and are willing to sustain above $2.00.
Vroom Inc. (VRM stock) price shows bullishness and a trend reversal from the round mark of $1.00. Afterward, a one-way vertical move was noted on the charts showing massive buyers accumulation. Recently, VRM stock surpassed the neckline and round mark of $2.00, stretching the gains toward $2.40.However, buyers cannot hold the region and slip the gains below the support mark of $2.00.
However, the price action is positive, favouring the bulls, indicating a bounce to retain the gains. Moreover, the stock trades near neutrality, and buyers try to rescue the gains. VRM stock has underperformed for the past months but is gaining momentum from the past weeks. This massive inclination trapped sellers, resulting in a short covering move where buyers decisively surpassed the clusters.
Moreover, VRM stock has indicated a path shown on the charts for the following sessions indicating a bull rally if the price holds the gains above the immediate hurdle of $2.50. Afterward, the stock enters bullish territory and will retain further highs toward $3.50, followed by $5.00.
At press time, VRM stock price is trading at $1.98 with an intraday drop of 3.88% showing profit booking in the last sessions. Moreover, the intraday trading volume remained at 5.354 Million, and the market cap was $274.884 Million. However, VRM stock is set to release Q2 earnings tonight, expecting mixed numbers.
About VRM Stock
Vroom Inc buys and sells used vehicles through its e-commerce platform. The company functions in three segments: E-commerce, which involves retail sales of used vehicles through the company’s e-commerce platform, and fees earned on sales of value-added products associated with those vehicles. The TDA reportable segment represents retail sales of used vehicles from TDA and fees earned on sales of value-added products related to those vehicles sales. The wholesale reportable segment represents sales of used vehicles through wholesale auctions.
VRM Stock Shows Neutrality On Daily Charts
On the daily charts, VRM stock price is trading near the crucial round level of $2.00, which needs to be sustained to gain further bullishness. If it fails to retain those levels, it will result in another fall toward the 50-day EMA near $1.50.
As per the Fib levels, VRM stock price is above 38.2% but cannot sustain above 50% and fell below it.
Short Term Charts Showed Profit Booking
On the 4-hour charts, VRM stock has broken the consolidation phase and is trading above the hurdle of $1.50. Moreover, the price has shown a breakout above $2.00 but failed to sustain and retest the 200-day EMA showing profit booking in the last session.
The RSI curve slipped toward the selling region, forming a negative crossover and indicating a volatile chart structure.
The MACD indicator shows a bearish crossover, and the red bars on the histogram show bearishness in the last sessions.
Conclusion:
Vroom Inc. (VRM stock) showed bullish cues and is trading near the 200-day EMA looking for a rebound to retain the swings of $2.30. However, the chart shows a fresh trend reversal, and buyers persisted in accumulating. Moreover, further trend direction will depend on the Q2 earnings results, which will be released in tonight’s session.
Technical Levels:
Support Levels: $1.50 and $1.00
Resistance Levels: $2.30 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
