Meta Materials Inc., Formerly Known As Torchlight Energy Resources, Is Looking To Find A Bounce

Meta Materials Inc. MMAT shares traded lower Monday after the company formerly known as Torchlight Energy Resources Inc performed a reverse split and merged with the company Meta Materials Inc. to become a combined company under the ticker MMAT.

The reverse split performed was a 2-for-1 split meaning that every 2 shares of Torchlight Resources holders held through the merger became 1 share of Meta Materials Inc.

Meta Materials was down 18.74% at $8.05 at last check.

Meta Materials Daily Chart Analysis

• Following the merger, share price has fallen and now looks to be trading within an old channel.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.

Key Meta Materials Levels To Watch

• The $10 level is somewhere the stock previously found resistance, following the merger the stock fell below this level and may now hold it as resistance.
• The $6 level was also a level of resistance previously, but as the stock price trades higher than this level it may now hold as support.
• The stock continues to trade along the higher low trendline, this trendline may add another level of support near the $6 further adding to the possibility that the stock could see a bounce here.

What’s Next For Meta Materials?

Bullish traders would like to see the stock find some support near the $6 level or the higher low trendline. If the stock can see a bounce near these levels bullish traders would like to see the stock begin to work toward the $10 resistance. Eventually a break above the $10 resistance could bring about a strong bullish move.

Bearish traders would like to see the stock fall below the $6 level and the higher low trendline. If the stock can break below these support levels the stock is prone to see a strong downward push.

See also: HOW TO BUY TORCHLIGHT ENERGY RESOURCES (TRCH) STOCK