Microvision Stock Trades In A Bullish Pattern: What's Next?

Microvision Inc. MVIS shares are trading higher Friday morning after retail traders were able to push the stock higher.

The stock has been a favorite in Reddit’s WallStreetBets community and they are attempting to push the stock higher. The stock was trending throughout the morning on social media sites such as StockTwits.

Microvision Daily Chart Analysis

• Shares look to be forming into what technical traders call an ascending triangle pattern.
• The stock is trading below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is likely facing a period of consolidation.
• The 50-day moving average may hold as an area of resistance, while the stock may find support near the 200-day moving average.

Key Microvision Levels To Watch

• The stock looks to have recently bounced off of support and may be heading higher again inside the ascending triangle pattern.
• The $25 level was an area where the stock found resistance before. This area may hold as resistance again in the future.
• The higher low trendline may continue to hold as support as the stock continues climbing. A break below and the stock could see a trend change.

What’s Next For Microvision?

Bullish traders would like to see the stock start moving higher after it was able to bounce at support. Bulls want to see the stock trade above the higher low trendline until it can break out of resistance. A break of resistance could allow the stock to shoot higher.

Bearish traders would like to see the stock break below the higher low trendline. If the higher low trendline is able to break and the stock can cross below the 200-day moving average, then the stock could see a further push down.