jmalone1224

Denison mining for a wedge

TSX:DML   Denison Mines Corp.
114 0 0
Looks as if DML (DNN in the real market) has a wedge formation / Downward Wedge going on. I've been watching this stock for a little while now, and I don't think it hasn't found the floor yet; still have some time before we level out, consolidate and break out. From the lows, highs, and trend lines I drew to indicate the pivot points you can see where there are two lower lows going into forming the wedge. It's only going to play one of them, time will tell us which one to keep looking out for. Now, unless we have a breakout, through the ceiling of the red, downward trend line in the coming week or so then this is a short - neutral play; with just over 12 months until we hit the wedge, plus the time afterwards for the breakout. However, if DNN does in fact break through the resistance line it would be a great thing. We aren't THAT far from the floor as it is, about .24 cents, but, with the Doji that just formed today it doesn't seem likely that we'll be breaking through the resistance yet. Although, if you blend the last 3 candles (yes, Candle Blending is a real, technical chart analysis technique) you would get something like a Large White Body tomorrow. And with the RSI indicating that we have increasing buying pressure, or the stock gaining internal strength, plus a positive Macdee base line with the MACD 12 & 26 just recently diverged in the right order & direction, it's feasible that we do break through the resistance in a week or so. But, previous trends and the bigger picture indicate something else in the works.
There; that should've covered all the angles. Happy Trading!
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