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
92.0¢ |
Change
0.025(2.79%) |
Mkt cap ! $665.5M |
Open | High | Low | Value | Volume |
89.0¢ | 92.5¢ | 87.5¢ | $3.015M | 3.323M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 17093 | 92.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
92.5¢ | 17300 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 10498 | 0.920 |
1 | 50 | 0.915 |
3 | 15815 | 0.910 |
2 | 75000 | 0.905 |
6 | 43121 | 0.900 |
Price($) | Vol. | No. |
---|---|---|
0.925 | 17300 | 2 |
0.930 | 27247 | 3 |
0.935 | 5744 | 1 |
0.940 | 26100 | 3 |
0.945 | 22013 | 4 |
Last trade - 16.10pm 24/05/2024 (20 minute delay) ? |
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Last
92.5¢ |
  |
Change
0.025 ( 3.41 %) |
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Open | High | Low | Volume | ||
88.5¢ | 92.5¢ | 87.5¢ | 741248 | ||
Last updated 15.59pm 24/05/2024 ? |
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DRO (ASX) Chart |