Another low volume day but DNA still grinding its way up. It has pushed through the 8 day exponential MA today which you can see on the chart. The 8EMA is a useful short term trend indicator as a reference point.
We have had a couple of potentially bullish signals this past few days e.g. a bullish harami/inside day on Tuesday/Wednesday 26/27 November last week and another one on Tuesday/Wednesday this week with confirmation today.. The Aussie Bulls candlestick analysis web site called a buy signal on DNA last Friday.
I won't be doing handsprings yet, there is a way to go before we can rest a bit easier. It is still very early days and it wouldn't be too difficult to bring this to a screeching halt if someone is inclined to. I sort of feel like I am waiting for someone to leap out and yell 'April Fool' or whatever the December equivalent is..
DNA will be showing up on aggressive breakout scans now so if we can incrementally attract some buyers maybe we can build the momentum needed to make the short interest holders a bit jittery because short covering is a good way of unleashing some positive momentum. Fingers crossed.
Daily Chart
DNA Price at posting:
65.5¢ Sentiment: Buy Disclosure: Held
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