DASH – Breakout!

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DASH
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DASH – Breakout!

 

DASH is having a very nice technical set-up and breakout, so let’s look at the chart and explain why. Price had been falling in a descending wedge for a very long time and this pattern in a previous bull market almost always bounces back up. After moving sideways out of the wedge it made a hard bottom showing horizontal price support with the red moving average. Price continued to build support sideways and has broken upwards today and for now a Confirmed Reversal has printed on the daily.

 

The trade will need to be monitored as the upside potential is large. But before getting ahead of oneself look at the more logical short term trade first. After examining the all time chart it looks like the price is going to move up until the SCMR daily prints green, the StochRSI hits oversold, and at least a couple more FIB levels need to be tagged. After that the trade will need to be looked at again for strength. Happy trading.

 

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

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