M’s price outlook carried a bullish bias, particularly over the long term. In fact, chart dynamics seemed to favor the buyers considerably as M broke out of a bull flag pattern on the long-term chart.
Such a pattern involves a sharp initial rally, followed by a period of consolidation, within the boundaries of a descending resistance line and a fixed support zone. In this case, the support level was defined by a fair value gap that has acted as a demand zone – An area where the price has often reacted aggressively when it trades into it.

In the long-term, there seemed to be three key resistance targets to watch – $1.90, $2.40, and $2.49. A sustained close above the final target would push M to a new all-time high.
The Relative Strength Index (RSI), a momentum indicator that measures the speed and magnitude of price movements over the last 14 trading periods using closing prices, had a reading of 62.94 and was trending upwards. This places M’s momentum firmly in bullish territory, suggesting it could see a meaningful move towards the targets outlined above.
The short-term picture seemed to be more conservative though. Charts revealed that from December to present-day, M has been trading within a consolidation channel, oscillating between horizontal support and resistance levels. M was rejected from the upper resistance level twice, and having only marginally breached it again, a pullback towards the lower end of the channel will be a realistic possibility.

The Bollinger Bands, a tool used to assess whether an asset is overbought or oversold, indicated the former as the price crossed above the upper band. Meanwhile, the Money Flow Index (MFI), which tracks capital inflows and outflows for an asset, had a reading of 71. This implied that investors were still net buyers of M.