NuroMetrix Pushes Higher Friday: What's Next?

NuroMetrix Inc. NURO shares are trading higher Friday after the company began seeing increased retail interest in the stock. The stock has been seeing above average volume the past couple of days and was trending on social media sites throughout the day.

NuroMetrix was up 58% at $15.83 at time of publication.

NuroMetrix Daily Chart Analysis

• The stock looks to be breaking out of what technical traders call a falling wedge pattern after seeing increased retail interest.
• The stock broke above pattern resistance and is now pushing higher. The stock may continue to break out if it continues to see above average volume.
• The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment in the stock has been bullish.
• Each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) has been moving higher the past few days and now sits at 59. This shows there are more buyers in the stock than sellers.

What’s Next For NuroMetrix?

Bullish traders want to see the stock push higher and begin to form higher lows. If the stock begins to form higher lows it may start an upward trend. Bulls want to see the stock hold above a higher low trendline.

Bearish traders would like to see the stock fall back to the wedge pattern and break below pattern support. This could cause the stock to see a further bearish push.