Meta Materials Stock Bounces, Tries To Push Higher: What's Next?

Meta Materials Inc. MMAT shares spiked higher Friday but pared those gains as the day went on, experiencing high volatility as Reddit and retail traders are trying to push the stock higher. The stock looked to have bounced near support and is heading back toward resistance.

Meta Materials was down 1.7% at $5.28 at time of publication.

Meta Materials Daily Chart Analysis

• Shares were able to bounce off a support level and have been pushing higher in a sideways channel
• The $2.50 level is where the stock has been able to find support and bounce off of in the past. The $10 area is somewhere where the stock has found resistance multiple times in the past. These levels may continue to hold as support and resistance in the future.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been moving higher the past couple weeks and now sits at the 67 level. The RSI is nearing the overbought range near 70 where the stock will see much more buying pressure than selling pressure.

What’s Next For Meta Materials?

Bullish traders would like to see the stock start to form higher lows and head toward the $10 level. Bulls eventually want to see the stock break above the $10 level and push higher. Bulls then want to see a period of consolidation where the stock can hold its gains.

Bears would like to see the stock start falling and head back toward the $2.50 level. If the stock could break below the $2.50 level and begin to hold it as resistance, the stock could be ready for a further bearish push.