What's Next For Aytu BioPharma Stock As It Gaps Up To Resistance?
Aytu BioPharma Inc. (NASDAQ: AYTU) shares saw a gap up Tuesday morning as retail traders tried to push the stock higher. The stock saw a sizable premarket move and opened at $6.15, but has since fallen back near the $5.70 price level. Aytu BioPharma is trading with a public float of 14.28 million shares and a short percentage of 16.27%  Aytu BioPharma was up 1.02% at $5.42 at last check Tuesday. Below is a technical analysis of the chart. Aytu BioPharma Daily Chart Analysis  Aytu BioPharma looks to have gapped up near resistance and is trading in what technical traders may call an ascending triangle pattern. The stock is trading below the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock has most likely been bearish. These moving averages may hold as an area of resistance in the future. Key Aytu BioPharma Levels To Watch  The stock gapped to near resistance, but was unable to break above the $6 mark and hold for a time. The stock has formed higher lows in recent weeks, and these higher lows have built up to the $6 resistance level, forming the ascending triangle pattern. The higher lows may hold as an area of support. If the stock were to crack the trendline, the trend may be more bearish. Bullish technical traders would like to see the stock break out of the ascending triangle pattern and make an upward push. If the stock were to break out, bulls would want to see the stock hold above the $6 resistance to give the stock a chance to see another leg up. Bearish technical traders would like to see the stock fall below the higher low trendline. A cross below this trendline could signal that bears are taking control and the stock may see a strong push downwards.