Don’t count on shares of MicroVision, Inc. MVIS revisiting their recent highs anytime soon. Following an epic reversal on Tuesday, they closed down Wednesday.
When markets are trending higher, the bulls have control. A reversal day pattern on the chart, like on the one below, occurs when the bears overpower the bulls and take over.
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Stocks usually go down after they form these patterns and there’s a good chance MicroVision continues to trend even lower in the short run.
The prospects for the long run may be better, however. At least the portfolio managers at Direxion think so. MicroVision is the biggest holding in the Direxion Moonshot Innovators ETF MOON.
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