What's Up With MicroVision Stock Wednesday

MicroVision, Inc. MVIS shares are trading up Wednesday as traders were able to push the stock higher. There looks to be no company-evident news to explain the jump in price. The stock was trending on social media sites throughout the day.

Microvision was up 8.91% at $10.41 at last check Wednesday.

MicroVision Daily Chart Analysis

• Shares look to have fallen out of the bottom of what technical traders call an ascending triangle pattern.
• The higher low trendline was unable to continue holding as support. This could cause the stock to fall lower until it can find support possibly near an old resistance level.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is in a period of bearish sentiment.
• Each of these moving averages may hold as a potential area of resistance in the future.
• The Relative Strength Index (RSI) saw a jump higher the past few days and now sits at 44. This shows that the stock has been seeing an increase in the amount of buyers, although selling pressure still outweighs buying pressure.

What’s Next For MicroVision?

Bullish traders are looking to see the stock start to form higher lows now and push back up into the pattern. If the stock could form higher lows then bulls would like to see the stock go on to break above the $25 level.

Bears are looking to see the stock start fading lower and be unable to cross back above the higher low trendline. Bears are then looking to see the stock continue to fade lower and be unable to form higher lows.

Photo: Michal Czyz via Unsplash