Search

Technical analysis of MKFG & DM - A positive trend around the corner?


Image source: Yahoo finance


This time we shall examine the charts of two relatively new publicly traded 3D printing companies - Markforged and Desktop Metal, to try and understand if the negative trend from the past 12 months is about to end.


Markforged - MKFG

Image source: Yahoo finance


Not an easy year for investors in MKFG since the company went public last year. The main trend was negative from a peak point of $14 a share last year, to a bottom level of $1.79 a share in June 2022.


Now let's zoom in to examine the short term trend:

Image source: Yahoo finance


Yesterday the stock reached an interesting resistant level around $2.70 a share where the 50 days moving average is. To start seeing a shift from a negative to positive trend, the stock will need to close and trade above $2.70 a share.


Is the shift from a negative to a positive trend around the corner? Too early to say but things look better now. A break in the coming days over $2.70 a share will be a positive sign.


Desktop Metal - DM

Image source: Yahoo finance


About one year ago DM stock fell from $10 a share, which was until then an important support level. After an unsuccessful attempt in Nov. 2021 to cross back up this level, the main trend was clearly negative.


If we look at the bigger picture, the stock fell from a record high of $35 a share back in Feb. 2021 to a bottom level of 1.26$ a share in May 2022. Not an east year for investors.


Now let's zoom in to examine the short term trend:

Image source: Yahoo finance


Since Jan. 2022 to May. 2022 we saw buyers active around $3.30 a share, and the stock found a temporary support level, until one negative announcement that took the stock down to the bottom level of $1.26 a share in May 10th, 2022.


Since then the stock attempted twice to cross the resistant level of $2.70 a share with no success. Yesterday, the company released it's Q2-2022 results, and the stock traded around $2.75 a share in after hours trading.


If the stock will close today (August 9) above the $2.70 level, the way to the resistant level of $3.30 a share will be open, which means a possible upside of 22%.


> 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 <

Recent Posts

See All