Looking back 3 years on DRI, we can see that the price increase was far more vertical than any other years. However, as the fib demonstrates, it's on a healthy climb but it will have a big correction these next two months, maybe consolidate at best. I believe it will reverse down between $82-$77 before hitting the next ceiling at $95-$105. For those already vested in DRI, hold on!
Comment
⋅
It's happening a lot sooner than I anticipated. I expect it to consolidate at $77 until the earnings call.
I'm very new to this but this has my attention b/c I not only am vested in the company but I also work for one of their restaurants. I'm looking to day trade so I thought I'd start by understanding what I'm already invested in.
Anyways. What does the line mean and how do you see the correction/loss as a valid conclusion?
I see your line is drawn from the bottom of the support and tangent to a lot of the resistance. Why is it drawn that way and what do you see from it?
I know you may be busy and I don't want to take much of your time; however, some guidance in reading these charts is greatly appreciated. THANKS LETTHEWRITERSWRITE!!
letthewriterswrite
⋅
@jakeryan, I should have placed more trend lines sorry. You see how at the bottom it starts at $39.36 and shoots up to 67.39 then takes a correction? I believe we're having the same correction again. I'm not a professional at all, just following instincts and the little I've learned.
jakeryan
⋅
@letthewriterswrite, Ok I think I see what you're saying. More of a prediction based on the pattern that follows your trend line. Good to think about. Thanks again!
Anyways. What does the line mean and how do you see the correction/loss as a valid conclusion?
I see your line is drawn from the bottom of the support and tangent to a lot of the resistance. Why is it drawn that way and what do you see from it?
I know you may be busy and I don't want to take much of your time; however, some guidance in reading these charts is greatly appreciated. THANKS LETTHEWRITERSWRITE!!