The remarkable thing is that DCC can quite easily be valued at a SP greater than 28c already. DYOR on that one but without any further info I value DCC at more than double what it is now.
So trading theme:
- DCC has a bitcoin related hangover which is preventing SP increases because the market just doesn't like anything bitcoin related.
- One major seller put a stop to the last breakout - which DCC is still in breakout territory mind you when looking at a 6 month chart but is yet to break the 12 month resistance. DCC also has closed the breakout gap, retested support and formed a double bottom at 16c, all of which looks highly bullish. It's only over a 1 wk timeframe that DCC looks bearish.
- DCC is likely to see further selling from the previous substantial holder, although this can also be opportunity to buy at a restrained price
Zoom out a little and things actually look pretty bullish right now but timeframes need to be adjusted. Look forward 3 - 6 weeks rather than 1 - 2.
My sentiment right now is strong buy.
DCC Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
