Meta Materials Stock Forecast
Big movements in Meta Materials stock price on Thursday moving 12.16% between high and low
(Updated on Apr 25, 2024)
The Meta Materials stock price fell by -5.94% on the last day (Thursday, 25th Apr 2024) from $3.20 to $3.01. During the last trading day the stock fluctuated 12.16% from a day low at $2.90 to a day high of $3.25. The price has fallen in 7 of the last 10 days and is down by -15.92% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -144 thousand shares and in total, 163 thousand shares were bought and sold for approximately $490.57 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -22.96% during the next 3 months and, with a 90% probability hold a price between $1.05 and $2.85 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MMAT Signals & Forecast
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 $2.82 and $2.78. A breakdown below any of these levels will issue sell signals. 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 Monday, April 01, 2024, and so far it has fallen -25.12%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Meta Materials stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.82 and $2.50. 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 $2.82. If this is broken, then the next support from accumulated volume will be at $2.50 and $2.38.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.352 between high and low, or 12.16%. For the last week the stock has had daily average volatility of 12.87%.
Our recommended stop-loss: $2.86 (-5.04%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (MMAT) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Meta Materials Inc. to open at $3.05, and during the day (based on 14 day Average True Range), to move between $2.58 and $3.44, which gives a possible trading interval of +/-$0.430 (+/-14.29%) up or down from last closing price. If Meta Materials Inc. takes out the full calculated possible swing range there will be an estimated 28.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.07 (1.99%) than the support at $2.82 (6.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Meta Materials Inc. stock A Buy?
Meta Materials holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.900 Hold/Accumulate Downgraded
Predicted Opening Price for Meta Materials Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $3.05 ( 1.41%) | $3.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.40 | 13.12 % | |
| R2 | 3.27 | 8.65 % | ||
| R1 | 3.19 | 5.89 % | ||
| Current price: | 3.01 | |||
| Support | S1 | 2.92 | -3.06 % | |
| S2 | 2.83 | -5.82 % | ||
| S3 | 2.70 | -10.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.28 | 8.97 % | |
| R2 | 3.08 | 2.33 % | ||
| R1 | 3.07 | 1.99 % | ||
| Current price | 3.01 | |||
| Support | S1 | 2.82 | -6.31% | |
| S2 | 2.50 | -16.94% | ||
| S3 | 2.38 | -20.93% |
FAQ
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