Nano Dimension Sees A Push Higher Toward Resistance: Can It Break The Downtrend Soon?

Nano Dimension LTD. NNDM shares are trading higher Tuesday as the market for information technology stocks is trading higher. The stock was trending throughout the day on StockTwits.

Nano Dimension was up 2% to $5.90 at press time.

Nano Dimension Daily Chart Analysis

• The stock is nearing resistance in what technical traders call a falling wedge pattern.
• The price has been slowly falling and condensed between narrowing highs and lows and is now nearing an area of resistance. If the stock is able to break this resistance, it may see a long-term trend change.
• The stock trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock is likely facing a period of consolidation.
• The 50-day moving average may hold as an area of support, while the 200-day moving average may act as a place of resistance.
• The Relative Strength Index (RSI) has been pushing higher the past few days and sits at 56. The push higher in the RSI shows that the stock is now seeing more buying pressure than selling pressure.

What’s Next For Nano Dimension?

Bullish traders see a chart that looks to have found a bottom. The chart looks to have started forming lower highs and is headed toward resistance. Bulls are hoping to see this resistance break to confirm the stock is changing trends.

Bearish traders see a chart that shows the stock fading lower and are hoping to see the stock be unable to break above pattern resistance. Bears are then looking to see the stock break below the pattern support.