Opendoor Technologies shares are powering higher. What’s behind OPEN gains?
Why Investors Are Watching OPENWednesday’s move higher adds to a recent run of bullish attention around Opendoor. The company was added to the Russell 3000 Index late last week, with inclusion effective as of the market close on June 26.Traders have also focused on CEO Kaz Nejatian’s highly performance-based compensation structure and bullish outside forecasts arguing Opendoor could benefit from a broader housing-market and real-estate technology turnaround.Opendoor (OPEN) Critical Levels To WatchFrom a trend perspective, OPEN is trading 12.7% above its 20-day SMA ($4.51) and 5.8% above its 50-day SMA ($4.81), which tells you the near-term tape is leaning upward after the June swing low. The bigger-picture hurdle is still overhead, with price 14.6% below the 200-day SMA ($5.96), so bulls are trying to rebuild the longer-term trend rather than already being in one.MACD is the cleaner momentum read right now: it’s above its signal line and the histogram is positive, which points to improving upside pressure versus the prior downswing. In plain English, when MACD is above its signal line, it suggests momentum is turning up even if the stock hasn’t fully reclaimed long-term resistance.Key levels are tight enough to matter for swing traders, especially after the recent April swing high and the June swing low set the latest pivot map. The death cross in March (50-day SMA below the 200-day SMA) is still a reminder that longer-term trend damage hasn’t fully healed yet.
