DoorDash has chopped downward after stalling above $200 in February, but now the chart may be showing signs of a turnaround.
The first major feature is the high-volume bullish price gap on May 14 following quarterly results. The big takeaways were strong revenue and a widening appreciation of its growth potential. DASH spent the next four weeks pushing against the 50-day simple moving average (SMA), which it cleared on Friday.
Next is the potentially bullish setup with the 8-day exponential moving average (EMA) holding above the 21-day EMA. Both are now above the 50-day SMA.
Third is the descending trendline between the February and April peaks. DASH broke that line last week. It also registered its highest closing price since late April.
Finally, notice the large outside day / spinning top on June 7. DASH leaped at the open, instantly crashed to a two-week low and then rebounded to close down less than 1 percent. That might have been the bears’ last chance to sink the stock.
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The first major feature is the high-volume bullish price gap on May 14 following quarterly results. The big takeaways were strong revenue and a widening appreciation of its growth potential. DASH spent the next four weeks pushing against the 50-day simple moving average (SMA), which it cleared on Friday.
Next is the potentially bullish setup with the 8-day exponential moving average (EMA) holding above the 21-day EMA. Both are now above the 50-day SMA.
Third is the descending trendline between the February and April peaks. DASH broke that line last week. It also registered its highest closing price since late April.
Finally, notice the large outside day / spinning top on June 7. DASH leaped at the open, instantly crashed to a two-week low and then rebounded to close down less than 1 percent. That might have been the bears’ last chance to sink the stock.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
