NNDM rising wedge
Updated
NNDM is forming a somewhat steep rising wedge, which is a bearish pattern. MACD is curling down and RSI shows a bearish divergence with price.
If you own the stock: if the price closes the daily below the lower line place your stop loss very tightly because the breakout of these formations hit the target very fast. According to Bulkoski prices should fall to the bottom of the formation.
If you want to short: place a sell order just below the lower line of the wedge with a stop loss just above it. The main target is the bottom of the formation but that doesn't need to happen. If you want to guarantee some profits you can place other targets in between (mainly the previous support/resistance levels) if you want to take cash some off the table on the way down.
Keep in mind the rising wedge can also work as a continuation pattern although most of the times it does not.
I own quite a few shares of NNDM. I am looking to unloading them if we get to the top of the channel depending on how the trend looks when/if we get there.
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
If you own the stock: if the price closes the daily below the lower line place your stop loss very tightly because the breakout of these formations hit the target very fast. According to Bulkoski prices should fall to the bottom of the formation.
If you want to short: place a sell order just below the lower line of the wedge with a stop loss just above it. The main target is the bottom of the formation but that doesn't need to happen. If you want to guarantee some profits you can place other targets in between (mainly the previous support/resistance levels) if you want to take cash some off the table on the way down.
Keep in mind the rising wedge can also work as a continuation pattern although most of the times it does not.
I own quite a few shares of NNDM. I am looking to unloading them if we get to the top of the channel depending on how the trend looks when/if we get there.
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Note
Struggling to stay within the wedge at the moment:Note
Price has broken the lower line of the wedge on the hourly chart. A daily close below the line could mean a breakout of the pattern:Note
As I am extremely risk averse and the price keeps going down I closed my position for a very small loss. If it goes back inside the wedge I will buy more with a stop loss below the lower line.Note
NNDM is back in the wedge! I am considering jumping back in with a stop right below the support if it can close the daily within the wedge.Note
NNDM still hugging the support of the wedge. I am still out:
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