Why Did Ra Medical Systems Skyrocket Today?
Ra Medical Systems Inc. (NYSE:RMED) shares jumped higher Monday after retail traders pushed the stock higher. The stock was likely pushed as a possible short squeeze as it had a very high percentage of short sellers in the stock. With a small float of only 2.68 million shares, and a short percentage of almost 40%, it made a good candidate to see a squeeze with volume. Ra Medical Systems closed up 87% at $9.14. Ra Medical Systems Daily Chart Analysis:  Shares were flying Monday and saw a large jump on above average volume. The stock is trading above the 50-day moving average (green), and crossed above the 200-day moving average (blue) Monday, indicating sentiment in the stock is likely turning bullish. Each of these moving averages may hold as an area of support in the future. Key Levels To Watch:  Shares made a large jump up near resistance, but was unable to hold above the $9 resistance level and shares saw a slight correction. The $5 level may now hold as support again as this area previously held as support and now the stock is trading above this level. The float and the short percentage of the float are also things traders should take into account. The float of 2.86 million is very low and the short percentage of 39.75% is very high. This makes the stock a potential squeeze candidate, but traders should also be wary as the stock can drop just as fast as it rose. Bullish technical traders would like to see the stock cross above the $9 resistance. If the stock is able to cross above this resistance level and consolidate above it, the stock may be ready to see another upwards push. Bearish technical traders would like to see the stock fall back to the $5 support area. If the stock were to cross below the $5 support, it may see a dump shortly after. Moving averages are also a way to tell what the sentiment looks like. If the stock crosses below the averages, the trend and sentiment may be changing.