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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Add DRO (ASX) to my watchlist
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Last
$1.46 |
Change
0.000(0.00%) |
Mkt cap ! $1.108B |
Open | High | Low | Value | Volume |
$1.47 | $1.53 | $1.36 | $20.36M | 14.10M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 2084 | $1.45 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.46 | 38910 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 2084 | 1.450 |
1 | 7000 | 1.445 |
1 | 3285 | 1.440 |
2 | 127111 | 1.435 |
4 | 8075 | 1.430 |
Price($) | Vol. | No. |
---|---|---|
1.460 | 22845 | 5 |
1.465 | 15798 | 1 |
1.470 | 4540 | 2 |
1.475 | 13941 | 3 |
1.480 | 77727 | 3 |
Last trade - 16.10pm 17/06/2024 (20 minute delay) ? |
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Last
$1.46 |
  |
Change
0.000 ( 0.57 %) |
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Open | High | Low | Volume | ||
$1.47 | $1.53 | $1.36 | 3515186 | ||
Last updated 15.59pm 17/06/2024 ? |
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DRO (ASX) Chart |
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LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non Executive Director
Simon Kidston
Non Executive Director
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