[ Jump to the 2022-03-20 update ]
What a year for Desktop Metal (DM) investors.
February 8th was the happy day, when the stock hit ATH at $34.94.
Since then the stock completed 13 sad consecutive months of declines.
Here’s what DM’s investors ended up looking at each week:
On March 29th, 2021, almost a year ago, the 19-week EMA (body) and the 27-week EMA (wick) registered as the best respected resistance lines.
Since then DM challenged these lines twice: in May-June and in November of 2021.
The lines held firmly.
This week, DM has made a huge step towards facing the body resistance line again. The stock ($4.99) is merely 1.2% away from the line ($5.05). And there’s one more day to go before the stock punches out for the week.
Drilling down to the daily view, here the best respected resistance lines are the 108-day EMA (body), at $5.44, and the 127-day EMA (wick), at $5.85.
Same as with the weekly price action: two failed attempts to break above the lines:
If DM “plots” to reverse and change the trend (and the conversation, and the sentiment, and… you name it), then it has to break these weekly and daily resistance lines first.
Perhaps now, the third time’s the charm?
2022-03-20 Update
After printing a high of $5.15 on Friday, DM finished the week at $5 sharp, 1% below its 19-week EMA (body) resistance line.
Here is the updated weekly chart:
