Desktop Metal, Inc. Stock Forecast
High volatility in Desktop Metal, Inc. stock price on Friday which ended trading at $0.86
(Updated on May 03, 2024)
The Desktop Metal, Inc. stock price gained 7.34% on the last trading day (Friday, 3rd May 2024), rising from $0.797 to $0.86. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 12.90% from a day low at $0.790 to a day high of $0.89. The price has been going up and down for this period, and there has been a 1.26% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $2.04 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.797 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 50.36% during the next 3 months and, with a 90% probability hold a price between $1.20 and $1.85 at the end of this 3-month period.
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DM Signals & Forecast
The Desktop Metal, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.82 and $0.85. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -23.64%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Desktop Metal, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.729 and $0.670. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Desktop Metal, Inc. finds support just below today's level at $0.729. If this is broken, then the next support from accumulated volume will be at $0.670 and $0.652.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.102 between high and low, or 12.90%. For the last week, the stock has had daily average volatility of 8.99%.
Our recommended stop-loss: $0.81 (-5.44%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (DM) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Desktop Metal, Inc. to open at $0.85, and during the day (based on 14 day Average True Range), to move between $0.778 and $0.93, which gives a possible trading interval of +/-$0.0773 (+/-9.04%) up or down from last closing price. If Desktop Metal, Inc. takes out the full calculated possible swing range there will be an estimated 18.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.96 (11.82%) than the support at $0.729 (14.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Desktop Metal, Inc. will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0500. We will update the financials statements for Desktop Metal, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 19.57% in the first trading day after earnings release.
Is Desktop Metal, Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Desktop Metal, Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.071 Buy Candidate Upgraded
Predicted Opening Price for Desktop Metal, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.85 ( 1.11%) | $0.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.95 | 10.80 % | |
| R2 | 0.91 | 6.25 % | ||
| R1 | 0.88 | 3.44 % | ||
| Current price: | 0.86 | |||
| Support | S1 | 0.81 | -5.66 % | |
| S2 | 0.783 | -8.47 % | ||
| S3 | 0.744 | -13.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.04 | 21.61 % | |
| R2 | 0.97 | 13.97 % | ||
| R1 | 0.96 | 11.82 % | ||
| Current price | 0.86 | |||
| Support | S1 | 0.729 | -14.73% | |
| S2 | 0.670 | -21.67% | ||
| S3 | 0.652 | -23.76% |
DM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 03, 2019 | Jan 11, 2019 | Jan 31, 2019 | $0.369 | 0% |
| 2 | Oct 22, 2018 | Nov 02, 2018 | Nov 15, 2018 | $0.369 | 0% |
| 3 | Jul 26, 2018 | Aug 03, 2018 | Aug 15, 2018 | $0.351 | 0% |
| 4 | Apr 23, 2018 | May 03, 2018 | May 15, 2018 | $0.334 | 0% |
| 5 | Jan 25, 2018 | Feb 02, 2018 | Feb 15, 2018 | $0.318 | 0% |
FAQ
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