Nano Dimension Nears Support And Needs A Bounce Or Things Might Get Ugly

Nano Dimension Ltd. - ADR NNDM shares are trading down Tuesday, as traders were able to push the stock lower. There looks to be no company-specific news out to cause the jump in share price, but the stock was trending on StockTwits Tuesday.

Nano Dimension was down 4.43% at $5.39 at market close Tuesday.

Nano Dimension Daily Chart Analysis

• The stock looks to be trading in what technical traders call a falling wedge pattern.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating recent sentiment in the stock has been bearish.
• Each of these moving averages may hold as a possible area of resistance in the future.
• The price has been condensed between pattern support and resistance for a time, the stock could see a strong push if it is able to cross one of these levels.
• The Relative Strength Index (RSI) has been moving downward and now sits at 29. This means that there have been many sellers moving into the stock lately.

What’s Next For Nano Dimension?

Bullish traders are looking to see the stock bounce off pattern support and head higher. Then bulls would like to see the stock break above pattern resistance and breakout higher.

Bearish traders would like to see the stock fall below pattern support and begin to hold it as resistance. This could cause the stock to see a possible further downward push.