Volatile ride for Meta Materials Inc. stock price on Tuesday moving between $6.49 and $7.16

The Meta Materials Inc. stock price gained 3.80% on the last trading day (Tuesday, 1st Nov 2022), rising from $6.85 to $7.11. It has now gained 11 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 10.32% from a day low at $6.49 to a day high of $7.16. The price has risen in 10 of the last 10 days and is up by 92.16% over the past 2 weeks. Volume fell on the last day by -486 thousand shares and in total, 753 thousand shares were bought and sold for approximately $5.35 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $7.64 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 131.64% during the next 3 months and, with a 90% probability hold a price between $10.14 and $17.70 at the end of this 3-month period.

The Meta Materials Inc. 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 $6.01 and $3.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 18, 2022, and so far it has risen 92.16%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $6.85 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 $0.670 between high and low, or 10.32%. For the last week, the stock has had daily average volatility of 10.72%.

Since the Meta Materials Inc. has been rising for 11 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Meta Materials Inc. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.