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Second Sight Medical Products Rallies After FDA Approval: Technical Levels To Watch

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Second Sight Medical Products Rallies After FDA Approval: Technical Levels To Watch

Second Sight Medical Products (NASDAQ: EYES) shares caught fire in Friday’s trading session after the company received FDA approval for a retinal prosthesis system.

Here are some key short- and long-term technical levels to watch. 

Second Sight Technical Levels: The short-term, 1-minute chart below shows the Second Sight premarket high was $2.60.

This price level acted previously as a resistance level and is now a potential support level. Another potential support level is $3.20. The level near $3.20 acted as support after the stock pulled back after its rally.

A bearish technical trader would like to see the price break below these support levels with some consolidation below. The bearish technical trader may wager that if this occurs, a further downward move is possible. 

The short-term chart below has shown a potential resistance level near the $4.20 level.

As of late Friday afternoon, the stock has crossed this level and is trading 425.87% higher to $7.52.  

eyes5min3-5-21.png

The daily chart below shows the $3 price level has acted as resistance in the past. A technical trader may speculate that this price could potentially hold as a support in the future. 

The daily chart shows previously the price level of $4.25 has been unable to be broken above. A technical trader may call this a potential resistance level. This level is key because a close over this level may indicate the resistance is possibly broken.

The stock has never had an FDA approval for the product, which makes it harder to find long-term technical levels for the stock.

The stock may need time to form these levels, as traders are still scrambling to buy or sell shares based on the news. 

Second Sight is trading with a market cap of $57 million and a public float of 13.25 million shares.

eyesdaily3-5-21.png

 

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