$MMAT Has Achieved Liftoff

2022年12月7日

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?
  

For what it's worth, I have a very ambitious price target of about $20 for a world-ending squeeze. I'll post a larger chart this weekend, assuming I'm not too busy buying a Maserati (lol).