Strong

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>WRAP stock price rose more than 56% in just 2 days.</a></li>
 <li><span>2</span> <a>The company is burning its funds in operations but the balance sheet seems strong.</a></li>
</ul>
<p>In the second quarter of this fiscal year, the global public safety technology and service company, Wrap Technologies Inc. posted a revenue of $1.2 Million, which is a 3.1% increase from the same quarter of 2023. The firm once again continued to burn its funds in the operations, as the EBIT stayed negative.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-wrap-price-balance-sheet-is-strong-strong"><strong>WRAP Price: Balance Sheet is Strong</strong></h2>
<p>The company is in a growing stage where it is reinvesting heavily. As the economy is down for the past few quarters, the company is finding it difficult to show significant growth in its sales.&nbsp;</p>
<p>However, Wrap’s balance sheet is strong in both the liquidity and the solvency aspect as the current ratio is 2.53 while the debt-to-equity ratio is 0.01. The company has just 1% of debt upon its reserves and share capital, while its cash reserves and other short-term assets are more than twice its short-term debts.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-wrap-stock-price-strong"><strong>Technical Analysis and Prediction of the WRAP Stock Price</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/qclvDz1TzxSpIVHC5ml6UZJAb-cvj6Oe_sV4H2Ww2bkqNktt3vINxwcGNZvCW1tEhM3uaVtsExaTtw3kpZ5Sx2XrkiBsnvNGLHoNgKhGIApvxu1_Xcj2jtszYew3TTpSIDxPTOvW1cup2zherb4AWr8" alt="WRAP Stock Price: 56.8% Up in 2 Days, How Long Till it Falls?">
  <figcaption class="wp-element-caption"><a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=NASDAQ%3AWRAP" rel="noopener noreferrer nofollow">NASDAQ: WRAP Stock Chart by Tradingview </a>
  </figcaption>
 </figure>
</div>
<p>At press time, WRAP <a href="https://www.thecoinrepublic.com/2023/10/15/backed-by-strong-financials-cey-stock-price-rose-11-6-in-5-days/" rel="noopener noreferrer nofollow">stock price</a> is trading at the level of $2.20 after making bullish daily candles for 2 consecutive days. The buying volume rose for the WRAP stock price after the bulls reclaimed the support level of $1.32. The stock gained a staggering 56.8% in just 2 days, which broke a significant resistance level of $1.83.&nbsp;</p>
<p>Furthermore, the relative strength index (RSI) has already gone above the overbought level of 70. At present, the RSI is at 78, while its simple moving average line (SMA) is at 46.&nbsp;</p>
<p>Taking the moving averages into consideration, the 50-day EMA and 150-day EMA still need to make a bullish crossover. Despite that, the price action for the last two days is above it.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-wrap-price-prediction-strong"><strong>WRAP Price Prediction</strong></h3>
<p>Both the EMA and RSI are foreseeing some correction in the short term before the WRAP stock price attempts to break past the immediate resistance level of $2.48. The prediction for Wrap Technologies will be bearish for the short term.&nbsp;</p>
<p>The following pathway for the stock could be by the likes of its immediate support level. If the bulls can sustain the price action above the present support, then the previous downtrend will be broken.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Wrap Technologies Inc. (NASDAQ: WRAP) has reported its third-quarter financial results. The company has a negative EBIT but the balance sheet seems strong with optimum cash and low debt. At present, the WRAP stock price rose above its resistance but the prediction is bearish.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $1.83 and $1.32</li>
 <li><strong>Resistance Levels: </strong>$2.48 and $3.52</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.</p>

WRAP Stock Price: 56.8% Up in 2 Days, How Long Till it Falls?

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