MicroVision Inc. (NASDAQ:MVIS) shares were trading higher Monday, bouncing off a key support level within a channel. The company recently announced it will shift to a fully virtual presence for the 2022 Consumer Electronics Show. Fears of COVID-19 variant omicron have MicroVision up 11.78% for the day at $5.60 at publication time.
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MicroVision Daily Chart Analysis
- The stock looks to have bounced off support in what technical traders call a sideways channel. Support has been found near the $5 level in the past, and the stock was able to bounce off this level again. If MicroVision continues to push higher in a larger timeframe, it may find resistance near $25 as it did in the past.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) made a jump higher and now sits at 40. This shows some more buyers have entered into MicroVision, although there are still more sellers in the stock than there are buyers.
What’s Next For MicroVision?
The bounce off the support level shows the stock is seeing some slight bullish sentiment once again.
Bullish traders in the stock are looking to see the price start to form higher lows and head toward resistance. Bulls are also looking to see the price cross above the moving averages for the stock to see much more bullish sentiment.
Bears are looking to see the stock fall below the $5 level and continue to fade lower while staying under the moving averages.
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Photo: Courtesy of microvision.com