D&O should be scaling new heights (TA perspective) [UPDATED]
D&O has completed its 2 week consolidation and was strongly supported by its EMA42 (Red) line.
For the past week, its price remained elevated above the EMA18(Green) line and was able to come to a strong weekly close at the high of 4.25.
This strongly suggests a continuation of the momentum in the coming week.
Important indicators (Daily):
– Converging, and a Golden Cross may materialise. (Buy signal)
– Remains elevated but below 80. Suggests strong buying momentum with low concerns of overbuying. (Buy signal)
– Price closed above both short term(18) and mid term(42) lines. (Buy signal)
Potential movement next week, ceterus paribus:
A test of the resistance for a potential breakout.
A retest of support range 4.15 – 4.25 if breakout fails.
A sustained break above 4.60 followed by a Golden Cross should attract strong demand for the stock, allowing it to scale new heights.
Conversely, a slide below S2 = 4.00 should raise concerns and any buying decisions should be held off until a clearer signal surfaces.
This is not a buy/sell call. The final decision is always yours.