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
95.5¢ |
Change
0.055(6.11%) |
Mkt cap ! $690.6M |
Open | High | Low | Value | Volume |
90.0¢ | 95.5¢ | 89.0¢ | $6.121M | 6.557M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 207504 | 95.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
96.0¢ | 73317 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 527 | 0.950 |
1 | 5285 | 0.945 |
4 | 16481 | 0.940 |
2 | 80500 | 0.935 |
5 | 39422 | 0.930 |
Price($) | Vol. | No. |
---|---|---|
0.960 | 71567 | 8 |
0.970 | 30681 | 3 |
0.975 | 23450 | 3 |
0.980 | 65848 | 8 |
0.985 | 40500 | 3 |
Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
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Last
95.0¢ |
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Change
0.055 ( 6.71 %) |
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Open | High | Low | Volume | ||
90.0¢ | 95.5¢ | 89.0¢ | 2827540 | ||
Last updated 15.59pm 10/05/2024 ? |
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DRO (ASX) Chart |