Today we are going to examine the trend of Nano Dimension's stock which is part of the 3DE-10 INDEX, a 3D printing stock index tracking the stock performance of 10 leading 3D printing companies listed on exchanges in the United States.
The stock started 2022 around $4 a share, and since then has been trading in a negative trend. From September 2022 until today the stock is trading between $2-$3 a share, however recently we can see higher volumes, pushing the stock up, close to $3 a share. Why this level is critical for the short-medium term? Let's examine the daily chart:
Image source: Yahoo finance
In the past six month, sellers unloaded shares three time around the $3 level, but the buyers are accumulating in higher and higher levels. It means, the $3 level can be a trigger point for the stock's next move. Let's examine the weekly chart to get a wider perspective:
Image source: Yahoo finance
If we examine the long-term trend using the 50 days moving average, we can see the stock is 'sitting' on this important moving average. The last three times in happened in the past three years, the stock made a sharp move.
Conclusion - the fight between buyers and sellers around $3 a share is about to develop in two possible ways: a win by the buyers and a break up with a potential move to $4 a share, or a win by the sellers, with a potential drop back to $2 a share. As of today, there is more then 50% chance for a move up.. but first we need a clear break up of $3 a share in a high volumes!
> Any opinions, analyses, prices, or other information contained in this overview are provided as general market information for educational and entertainment purposes only, and do not constitute any investment advice <