The Case of Rising Symmetrical Triangle Pattern
17-Nov-2023 : Keeping it Simple with Price Action & Technical Analysis.
This stock came into my watchlist filter today, and what I saw was interesting enough for me to create a position at .315, with a stop loss at below last swing. Let's see, what I derived from the Daily chart of DRO..
* The stock has been in a downtrend since Oct'2019 [ RED Arrow -1 ]
* It found a bottom in Jul'2020, and went into a tight consolidation for almost 2 years, finding a support at .15
* In between, it tried to break out but found resistance again at .300 [ RED Arrow 2 ]
* Since Sep'2022, what you see is a slowly rising up-trend, with lower lows and higher highs finding resistance at that long-term Resistance line.
* If you look carefully, you can visualize a "Rising Symmetrical Triangle" pattern as well
* Right now, the stock has successfully broken out of that resistance that was created at .3 in May'2022 [ RED Arrow -2 ]
The cautious investor should wait for a successful breakout from the long-term resistance trendline, which will most probably then establish a new up trend.
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Last
$1.31 |
Change
0.085(6.94%) |
Mkt cap ! $1.142B |
Open | High | Low | Value | Volume |
$1.22 | $1.33 | $1.22 | $25.65M | 19.71M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 34319 | $1.31 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.31 | 52187 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 34319 | 1.305 |
10 | 1172641 | 1.300 |
8 | 61342 | 1.295 |
6 | 14163 | 1.290 |
5 | 267879 | 1.285 |
Price($) | Vol. | No. |
---|---|---|
1.310 | 52187 | 4 |
1.315 | 2600 | 2 |
1.320 | 12093 | 4 |
1.325 | 17907 | 3 |
1.330 | 122555 | 24 |
Last trade - 16.10pm 26/09/2024 (20 minute delay) ? |
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DRO (ASX) Chart |