High volatility in Meta Materials Inc. stock price on Tuesday which ended trading at $7.97

The Meta Materials Inc. stock price gained 4.87% on the last trading day (Tuesday, 6th Dec 2022), rising from $7.60 to $7.97. During the last trading day the stock fluctuated 92.46% from a day low at $5.04 to a day high of $9.70. The price has fallen in 6 of the last 10 days and is down by -28.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $31.14 million.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $7.76 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 301.07% during the next 3 months and, with a 90% probability hold a price between $31.12 and $53.91 at the end of this 3-month period.

The Meta Materials Inc. stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $8.60. On a fall, the stock will find some support from the long-term average at approximately $7.55. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, November 22, 2022, and so far it has fallen -33.58%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Meta Materials Inc. finds support from accumulated volume at $7.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $4.66 between high and low, or 92.46%. For the last week, the stock has had daily average volatility of 33.44%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Meta Materials Inc. stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.