DRAX broken out of a bullish triangle this week. Bearish in my book. Expect retest at around 548.
PS: This could also be a false breakout.
This is not a recommendation to trade. Do your own research and make your own decisions.
Clear uptrend.
Breakout from descending channel.
On high volume.
With volatility expansion preceeded by contraction.
Looks good on daily and weekly timeframe.
From my analysis Drax PLC may have a little further to retrace for wave 2 but it may be about to embark on some serious upside. According to this Elliott Wave count it may have completed a correction that started in 2006 and may now be resuming its upwards trend. For the more pessimistic, my completed C wave may not be deep enough and might only be the end of its...
