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Surging over 400%: Is the Bullish dominance good for FNGR Stock?

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Surging over 400%: Is the Bullish dominance good for FNGR Stock?
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At press time, FNGR stock is showing profitability of 80.87% in the YTD time frame, and a sharp movement of 438.65% is reflected by FingerMotion stock price in the past 52-week time frame. 

FNGR Stock Price Analysis and Prediction 

On August 31, 2023, FNGR stock opened 1.80% below its previous closing price, on August 30, it opened trading at $5.24, lowering to $4.92, it hit a high of $5.59 and closed trading at $5.01 with an intraday trading volume of 634.689K. 

Surging over 400%: Is the Bullish dominance good for FNGR? 
Source: FNGR stock price chart from TradingView 

In the 52-week time frame, the trading range of FNGR stock was highest traded at $9.80 and its lowest trading price was $0.62. FingerMotion, Inc. has a market capitalization of $257.861 Million and its share average trading volume is 372.799K. 

After comparing yearly market capitalization it was noticed that a surge of 98.59% was seen compared to market cap in 2022. 

FNGR stock has an annual price target of $5 and as per expectations it may soon beat the target and head towards $5.50. The RSI is above neutrality and the signal line is showing a parallel movement. A bounce to retest the trendline toward 52 is expected. 

It is essential to note that at the time of publication, FNGR stock was trading above 20, 50, 100, and 200-day exponential moving averages. If buyers continue their dominance over sellers in coming sessions then there are possibilities that FNGR share price might face immediate resistance of $5.38 and following resistance of $6.

The MACD indicator is suggesting a bearish crossover showing extreme negativity. Moreover, the signal line is close to the MA line indicating that buyers are trying their best to regain the lost control. 

In a different scenario if sellers got control over buyers in the next few sessions then there are chances that FNGR stock might face immediate support of $4.30 and possibly next support of $4.05. 

As per analysts, FNGR stock is constantly surging in an upward direction, and despite monthly losses, the stock seems to be profitable in all time frames including weekly, quarterly, half-yearly, YTD, and yearly.  

FingerMotion Inc. Financial Updates 

FingerMotion, Inc. was supposed to report $12.06 Million in revenue in Q1, 2023 and the company succeeded in matching the estimation. In the financial year 2022, the company reported 48.71% more revenue than estimated figures.   

From the reported revenue of 2022, the company booked a gross profit of 7%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was -19%, earnings before interest and taxes (EBIT) was also -19%, and net income was -22%. 

According to TradingView, 28.812 Million FNGR shares are free-floating and the remaining 25.176 Million shares are held either by financial backers of the company or the board of members.  

Technical Levels 

Major Support: $4.30 and $4.05.  

Major Resistance:  $5.38 and $6 

Conclusion 

As per market analysts MACD and RSI, both suggest a surge in trading price in the coming weeks. In the financial year 2022, the company reported 48.71% more revenue than estimated figures. On August 31, 2023, FNGR stock opened 1.80% below its previous closing price. In the first half of the August 31 trading session, FNGR stock opened a few percent below its previous closing price. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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