DDD is approaching an interesting level. A combination of support from the downward sloping channel going back to Dec 2013 along with a significantly oversold daily RSI may provide the means for a quick bounce. Vertical lines note similar times previously where daily RSI has moved below 25. The past three instances (within the downward channel) has produced gains of 54%, 15%, and 24%. Support as noted on the chart will be between 19.00-20.00.
Comments
timwest
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How much risk do you imagine you are taking to put this trade on? And how much profit are you targeting?
SMP99
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to clarify, I'm not long at the prices. An entry for this trade for me would be 19-19.50 if price gets there direct from these levels. My risk will be my stop at ~5% lower. My targets if I go long will be 22 (~15%), 24.5 (~27%), and 26 (~35%).
QuantitativeExhaustion
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Pattern still valid and are we looking for 19.50ish entry?
SMP99
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19.50 is where Ill start to watch more closely for entry. Overshoot of possible support down to ~18.25 could be possible.