Downer EDI (DOW, A$5.95). "Provides engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand and APAC."
DOW could be falling out of range. Price has been ranging between 5 and 5.60. Volume has been decreasing since mid march. MACD is in bearish territory and crossover established today. 8 & 20EMA have crossed and price sitting well under.
Entry below $5 as this could be psychological level and buyers have been stepping in here. Target is 4.45.
Timeframe 1-3 weeks....
DOW looks good and ripe for a move higher because of the break of the Bearish Trendline with High Volume. MACD has got bullish too and maybe the pullback is over and we should witness this leg higher as we are in a clear uptrend. My trade plan is given below:
TP - $5.55 (Potential Gain 7%)
TP - $5.80 (Potential Gain 10%)
Stoploss - $4.88
Please note these are my...
Upward channel formed over last 5 months. Lower trend acting as support.
Potential small trade up to top of channel.
A break above could see price run up to 7.0
Entry around 5.81
Target 6.12
Stop at 5.43
If price breaks upper trend line of channel this has huge upside potential to run to 7.0 and beyond.
