DXB Chart, page-1283

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geffa9

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03/08/24

19:32

Post #: 75058938
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Originally posted by slick ↑

Here's another post that won't be popular but a retracing chart never is.
But for holders (and traders) we try and identify where the SP might find some support and although I use a different system, it's great when doing some homework to use some traditional indicators.
So below daily chart highlights the 37 cent level where the SP had struggled to get through on a few occasions (resistance) before breaking out to blue sky. Therefore that 37 cent level now becomes a great support level. And as usual before a massive breakout there was a .025 cent gap left. (marked by the square).

Now will the SP get down to the 37 cent level? I wouldn't have a clue (or care) but I'm simply identifying support levels.

Personally I enjoy following the Bollinger system of peaks and troughs where we don't need to place numbers on peaks nor retraces and to be honest no-one has a clue where the market wants to take SP's so just go with the flow until the indicators indicate otherwise.
Currently candles are being printed down between the 8ema and the lower bollie band (very bearish) therefore we are watching closely on shorter time frames for the SP to breach above the yellow 8ema on a bit of volume as the first "pay attention" signal. Also MACD (the below chart) is always a very good "tour guide" and we need to see that cross to the positive.

We need those things to happen before an entry is made IMO.

Please keep in mind that all of the above is in no way a reflection of the company or management. I know zero about management or what they even do ( Owls & Fox tells me it's something to do with baby formula??)
One of the best things about this stock is that you're not in the ASX 200 and you have no short position.......yet.

Cheers

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unfortunately without news and the current environment we are almost certain to test that support level this month imo.

DXB Price at posting: 42.0¢ Sentiment: Hold Disclosure: Held
8 Upvote

0 Great analysis

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