What's Next For Pershing Square Tontine Holdings Stock?
The Pershing Square Tontine Holdings LTD. (NASDAQ:PSTH) SPAC was moving Wednesday after the SPAC reached a deal with French media conglomerate Vivendi. Over the weekend, Vivendi reached an agreement for a 10% investment in Universal by William Ackman's Pershing Square Tontine Holdings. The stock is trending on social media sites. Pershing Square Tontine Holdings stock was down 0.63% at $23.58 at last check Wednesday. Pershing Square Tontine Holdings Daily Chart Analysis  Shares have been trading in a sideways channel and look to have found support near a previous key level. The stock crossed above the 50-day moving average (green) Wednesday, indicating sentiment in the stock may be turning bullish. The 50-day moving average may hold as an area of support; traders should take note of whether the stock is able to hold above the average at the closing bell Wednesday. Key Pershing Square Tontine Holdings Levels To Watch  The $22 level is somewhere the stock has struggled to cross below. This area just held as support and may act as a potential support level again in the future. The first area of resistance the stock may find will happen potentially near the $25 level, as this is a place where the stock has struggled to cross above. The Relative Strength Index (RSI) shows that the stock has entered into the area above 50 recently, meaning there are more buyers in the stock now than sellers. The RSI sits at 53.5, which shows slightly more buyers than sellers. Bullish technical traders would like to see the stock build higher lows and break above the $25 level. If the stock is able to break above the $25 level and sees a period of consolidation, then it may see a further upward push. Bearish technical traders would like to see the stock fall below the $22 level. Some consolidation below this level could signal the stock is ready to see a further push downwards. The sentiment and trend could change if the stock is able to cross below the moving averages.