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When Will The Selling Pressure In These 2 Hot Stocks End?

On April 29, shares of Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) hit a wall of resistance at the $4.30 level. Since then, they have been in a freefall.

There’s a good chance the stock rebounds if it reaches $3. Not only is this level important psychologically, but it was also resistance in March and early April.

Many investors who sold at $3 probably regretted their decision after the stock moved higher. A number of these remorseful sellers decide to buy their shares back, but only if they can get them for the same price they sold then at.

This means they’ll be placing their buy orders at $3. If there are enough of these orders, support will form.

Exclusive: MindMed’s Nasdaq Listing Enables Institutions Diversified Access To A New Age Of Medicine

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On April 28, the bears took control of MicroVision, Inc. (NASDAQ: MVIS). Since then, shares have been in a free-fall.

If they keep going lower, there’s a good chance they find some support around the $10.50 level. This was support and the bottom in April. Sometimes support levels can remain intact for long periods of time and that could be the case here.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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