Meta Materials Continues To Climb Toward Resistance As Bullish Report Circulates

Meta Materials Inc. MMAT shares were trading higher Friday, but have spent most of the day trading up and down amid a report from InvestorPlace titled "Meta Materials Has More Going For It Than Just Reddit Hype."

Meta Materials was up 0.57% at $5.33 at last check Friday afternoon.

Meta Materials Daily Chart Analysis

• Shares look to have bounced off support in what technical traders call a sideways channel and are approaching a possible resistance level.
• The stock has been moving toward the $10 level, an area where the stock has found resistance in the past. Another key level on the chart can be found near the $2.50 mark, this area has held as support in the past and may again 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 slightly fallen in the past month and now sits at 51. This shows that there are slightly more buyers in the stock than there are sellers.

What’s Next For Meta Materials?

Bullish traders want to see the stock continue to form higher lows and work toward resistance. If the stock can continue to rise and break above resistance and consolidate, it may then be able to see further bullish moves.

Bears are looking to see the stock start to fade back lower once again and eventually cross below the support line. If this were to happen and the stock could hold the $2.50 level as resistance, it could be ready for more bearish moves.

Photo by Stephen Kraakmo on Unsplash