GlucoTrack (NASDAQ: GTCK) stock is already coming down off the highs of late last week. There was a vast leap - 240% - in GTCK at the end of the trading week, Thursday. This has carried on into today's trading day, the premarket on Monday morning (Friday was, of course, close). But we can already see that some of the excitement is fading as the intraday price is already down off its highs.
GlucoTrack offers a device to measure blood sugar without requiring either the taking of blood or therefore a stick with a needle. This is one of those things that everyone would really very much like to be true, to actually work. So, with the news that it does seem to work therefore there's a huge jump in that GlucoTrack stock price.
It's possible to look at this purely on a technical, even chartist, basis. It's also true that prices in the very thin markets of early premarket are not that good a guide to what will happen in later volume markets.
Premarket trades in GlucoTrack from NASDAQWe look at that and note that the highest price this morning is very much higher than the current price this morning. That means that the excitement from last week is wearing off - the peak has been reached. Or, at least as far as thin premarket trade is a guide that is true. Therefore we start from the assumption that a momentum trade isn't a position useful to take here. That momentum from last week has already done its stuff and is weakening now.
Now, of course, that might not be the end of it. But in the absence of being able to see what the news which has triggered this jump is - there are no reports, nothing on Sedar - it's difficult to know how far the change in sentiment is going to go. We have to just accept that there is a change in sentiment but one which now seems, already, to have peaked.
Another way to put this is that yes. GlucoTrack is up another 47% this morning. But it's also down from the highest points of this morning - that surge has a peak to it already.
