The graph is pretty self explanatory.
The support level seems decent, there is also good support by the long term EMA.
We could see a nice bounce back up with a nice and easy 25% profit in just 3-5 days
DM to continue its upward move. Recently merged with TRNE and is the only publicly traded pure-play additive manufacturing company. DM offers the fastest metal 3D printing technology on the market. This industry is expected to grow from 12B to 146B this decade.
Possible minor cup and handle?
Entry: 20.5
Target: 24.85
SL: 18ish
I was incorrect in my previous analysis of DM as I was too early in calling 10 dollars. It may still drop to that region but it will go up more first. It seems as if an ending diagonal is forming. Based on fibonacci extensions, I believe there will be a reversal at 18.32 for a wave 4 then an upward swing to 25.5 for the final wave 5 of the diagonal.
A 5-wave structure as a wave A points to much more downside. We seem to be consolidating in a descending triangle before this move occurs. This will be a large zig-zag formation with 5 waves down for a wave C. Wait for wave C to finish before entering into a long position.
This is easily my favorite company to come out of the SPAC craze that's currently gripping markets, and right now it's currently available for a solid looking dip buy.
Desktop Metal is an interesting company, essentially leading the second generation of 3d printing, which they call "additive manufacturing". The key difference between DM and the companies of yore...
