Neurometrix Inc. (NASDAQ: NURO) Shares rose on Tuesday and Wednesday on continued momentum after the company announced that its Quell device received breakthrough designation from the FDA for treating fibromyalgia symptoms in adults. The headline was trending throughout the day on social media sites such as StockTwits.
NeuroMetrix was up 145.62% to $ 24.66 at the last check-up.
NeuroMetrix hourly chart analysis
- Stocks have seen a huge movement over the past two days and appear to be calming down; the title can trade in a side channel until there is more momentum.
- The stock is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment for the stock is bullish.
- Each of these moving averages may be a support area going forward.
Key NeuroMetrix Levels to Watch Out for
- The stock climbed to the $ 35 mark before cooling off, this level may again provide resistance in the future.
- The stock may find support near the spread on the chart. The spread on the chart starts at the $ 15 level, this area may be a support level going forward.
- The stock will likely experience a period where it cools down for some time after reaching such a high level. The stock has recorded a gain of over 100% in one day, so traders should exercise caution when trading the stock.
What’s next for NeuroMetrix?
The bulls would like to see the stock continue to burst until the stock runs out of gas. Then the Bulls would like to see the stock consolidate for a while while still retaining the gains it has been able to achieve in recent days. Eventually, the bulls want to see the stock break through resistance and rise again.
Bearish traders would like to see the stock fall and break through potential gap support. The following bears would like to see the stock drop below the moving averages. If the stock could move below the moving averages, the trend could change and sentiment could turn bearish.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.