POET Technologies Inc. (POET) shares are moving lower on Tuesday, but don't go searching for a bombshell press release. There isn't one. The stock is simply getting swept up in a broader market selloff, with the Nasdaq down 0.1% and the Technology sector declining 0.24%.
What's Happening With Poet Stock?
The decline comes as traders react to overall market sentiment showing weakness across several sectors, particularly in tech. No specific catalyst is driving POET's move today, which means this is one of those days where the tide matters more than the individual boat.
Here's the interesting part: despite today's downturn, POET has delivered a significant 12-month performance increase of 53.38%. The stock is currently trading at $7.00, positioned closer to its 52-week highs than lows. That's a relatively strong performance over the past year, even if today doesn't feel like it.
The Technical Picture Looks Solid
Currently, POET is trading 2.5% above its 20-day simple moving average and 14.8% above its 100-day SMA, demonstrating longer-term strength. Perhaps most notably, the stock sits 29% above its 200-day SMA, suggesting a solid upward trend over the past year.
The RSI is at 56.27, which sits comfortably in neutral territory. Translation: the stock is neither overbought nor oversold. Meanwhile, MACD is above its signal line, suggesting bullish momentum. That combination of neutral RSI and bullish MACD points to overall positive momentum, even if today's price action doesn't reflect it.
Key Resistance: $7.50
Key Support: $7.00