Accumulation signs on DNR, test confirmed

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1/2/3 - Accumulation signs: down bar on increasing volume that close off their lows
4 - Strong sign of strength: after a series of tight closures on high volume , this candle touches new lows but demand enters and the candle closes up on ultra high volume . Next candle closes higher and confirms that the volume was buying activity
5 - Effort to rise candle on ultra high volume: after this kind of candle market usually rests to test the possible presence of sellers
6 - The price touches new highs but the candle closes on its lows on increasing volume: there are still sellers
7 - Price retraces but down candles have decreasing volume . The next candle closes higher on increasing volume (buying activity) and the next candle confirms the presence of buyers
8 - Failed test of supply: the volume is high so there are still sellers
9 - Confirmed test
10- The company decides to cut its dividend and the price falls on ultra high volume , but the net candle closes higher, touches new lows and volume is low (test). If all the activity in that wide candle was selling, how could the next candle close higher? The smart money could have used the bad news to accumulate the stock
11 - This candle confirms the test, This is a sign of strength and a possible long entry
isaac312 PRO
a year ago
I guess TA does not generating investment Ideas; will wipe out peoples account seeing this.
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