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Technical analysis DM - which level will signal a turnaround point?

Updated: Jan 22

It's time to examine the trend of Desktop Metal's stock which is part of the 3DE-11 INDEX, a 3D printing stock index tracking the stock performance of 11 leading 3D printing companies listed on exchanges in the United States.

If we examine the stock's chart in the past 12 months, we can recognize two main negative technical events - the drop below $1.5 during October 23, and the drop below $1.15, which was the starting point of 2023. These two events pushed the stock down to it's current level, a clear domination of sellers in the past few months:

Image source: Yahoo finance

If we examine the stock chart adding the 13, 26 and 50 days moving average indicators, we can see how the stock price can't cross them upwards, leaving the pressure on, taking to stock price to low levels:

Image source: Yahoo finance

If we zoom in to the last month, we can notice two failed attempts to cross up the 50 days moving average. Event the surge of 15% last Friday didn't change the negative trend:

What's next? As of today, the stock is still trading on the negative side. Only a cross up of the $0.73 level will be a first positive sign that might change the situation for the best. A cross up of the $0.80 level will be a very good sign, that could take the stock back to the $1 level. Without such a move, we shall see new lows in the coming weeks, with a price target of $0.50...

> 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 <



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