High volatility in Meta Materials stock price on Monday which ended trading at $2.23

The Meta Materials stock price gained 37.17% on the last trading day (Monday, 21st Nov 2022), rising from $1.63 to $2.23. During the last trading day the stock fluctuated 19.47% from a day low at $1.90 to a day high of $2.27. The price has risen in 6 of the last 10 days and is up by 53.05% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 56 million more shares were traded than the day before. In total, 62 million shares were bought and sold for approximately $139.54 million.

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $1.78, a level that may pose a second chance to hit a runner. According to fan-theory $2.42 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

Mostly positive signals in the chart today. The Meta Materials stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1.75 and $1.17. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, November 10, 2022, and so far it has risen 73.02%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $1.87 and $1.77.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Meta Materials finds support just below today's level at $1.87. If this is broken, then the next support from accumulated volume will be at $1.77 and $1.68.

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 $0.370 between high and low, or 19.47%. For the last week, the stock has had daily average volatility of 14.39%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Meta Materials stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.