There are a lot of ways at looking at DNA technically but with the volatile state of the market and low volumes no one can really make any forecasts in the short to medium term with any certainty. History suggests that any short term upward move usually gets clobbered after a few days or a at most a couple of weeks.
Right now DNA looks to be in a medium term rising channel of around 10 cents or so in width. Today it formed a bullish candlestick harami or inside day but with the low volumes it won't take much to push it either way on any given day. Visually it looks like it could be on the way back to the lower channel trend line which in a day or two would be in the vicinity of 64 cents but the bullish pattern today might be a turning point, hard to say.
There has been long periods intraday of what I call passive buying i.e. accumulation keeps loading the buy queue and waits for the sellers, mainly algo, to pick of the buyers in small parcels. There are occasional bouts of active buying where the buyers pick off the sell queue i.e. become price makers not price takers.
May has been a bad month for the market and it appears 'sell in May and go away' is thriving this May with the XJO down 3.01% to date while DNA is up 8.87% to date so it isn't too bad really. Interestingly DNA hit the bottom of the channel on 30th April leading into the current possibly faltering up leg which rose despite the market. Hopefully we are looking at a dip in an ongoing up trend.
Daily Chart COB
DNA Price at posting:
67.5¢ Sentiment: Buy Disclosure: Held
