Meta Materials Stock Forecast
High volatility in Meta Materials stock price on Monday which ended trading at $3.51
(Updated on Apr 29, 2024)
The Meta Materials stock price gained 11.08% on the last trading day (Monday, 29th Apr 2024), rising from $3.16 to $3.51. During the last trading day the stock fluctuated 24.80% from a day low at $3.04 to a day high of $3.79. The price has been going up and down for this period, and there has been a 17.39% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 348 thousand more shares were traded than the day before. In total, 434 thousand shares were bought and sold for approximately $1.52 million.
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 -11.93% during the next 3 months and, with a 90% probability hold a price between $1.41 and $3.60 at the end of this 3-month period.
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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 $3.01 and $2.82. A breakdown below any of these levels will issue sell signals. 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 Monday, April 01, 2024, and so far it has fallen -12.69%. 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).
Support, Risk & Stop-loss for Meta Materials stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.28 and $3.08. 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 $3.28. If this is broken, then the next support from accumulated volume will be at $3.08 and $3.07.
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 $0.753 between high and low, or 24.80%. For the last week, the stock has had daily average volatility of 15.29%.
Our recommended stop-loss: $3.36 (-4.14%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (MMAT) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect Meta Materials Inc. to open at $3.45, and during the day (based on 14 day Average True Range), to move between $3.07 and $3.95, which gives a possible trading interval of +/-$0.442 (+/-12.59%) up or down from last closing price. If Meta Materials Inc. takes out the full calculated possible swing range there will be an estimated 25.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.28 (6.55%) than the resistance at $3.90 (11.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Meta Materials Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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.
Current score: 3.899 Buy Candidate Upgraded
Predicted Opening Price for Meta Materials Inc. of Tuesday, April 30, 2024
| Fair opening price April 30, 2024 | Current price |
|---|---|
| $3.45 ( 1.83%) | $3.51 |
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 | 4.20 | 19.62 % | |
| R2 | 3.91 | 11.43 % | ||
| R1 | 3.73 | 6.36 % | ||
| Current price: | 3.51 | |||
| Support | S1 | 3.16 | -10.03 % | |
| S2 | 2.98 | -15.10 % | ||
| S3 | 2.69 | -23.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.02 | 14.53 % | |
| R2 | 3.95 | 12.54 % | ||
| R1 | 3.90 | 11.11 % | ||
| Current price | 3.51 | |||
| Support | S1 | 3.28 | -6.55% | |
| S2 | 3.08 | -12.25% | ||
| S3 | 3.07 | -12.54% |
FAQ
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