The “Desktop Metal at It Again” post we published yesterday featured weekly charts of Desktop Metal’s stock, DM.
The last weekly candle was long and strong, leaving a big green footprint on the chart. It was a continuation of the previous green candle that started the recent move up.
Drilling down to a 15-minute chart layered with the best respected moving average support lines for that chart interval is helpful for those who trade short time frames.
Here below is the 15-minute chart and the best respected moving average support lines, the 62-period EMA (body) and the 95-period SMA (wick):
We can see that these lines registered on August 1st, and since then DM bounced up every time it got closer to the body support line. Two candles on August 5th show that DM traded below the line, however, the price represented by these candles closed above the line. Here is a zoom-in view:
If you like trading DM short term, we suggest keeping an eye on these support lines.