If you've been in $MMAT since at least July of last year like I have, today is a big freakin' deal. $MMAT is currently up 23% after hours on top of a +14% day in normal market hours. No doubt you're aware the dates were set for the spinoff of $MMTLP into Next Bridge, which has set the deadline for shorts to cover. $MMTLP will be delisted by close of market on Monday, December 12th and many shorts will be forced to cover by close of market on the 8th (Thursday). I don't know how this is going to impact $MMAT in the short term, but it's clear we're about to squeeze alongside $MMTLP. So here's the updated chart with some interesting observations:
- $MMAT ended the day after hours at $2.40, which just happens to be 0.885 Fib extension based on the November move.
- Meanwhile, we've bounced off a big resistance line around $2.03, which sets the ceiling for the past YEAR!!
- Staying above this resistance line is a big, big deal. I would expect it to establish a new low and potentially run higher.
- Finally, today's normal market price action stopped at the bottom of the previous channel. Has it been reestablished?
