DAG broke out of a six-month bullish pennant formation (from 04 Mar high/15 March low) to reach 16.49 (31 Aug high) before consolidation took hold. The current pullback is anticipated to form a higher swing low near the falling trendline support (from 04 Mar/04/25 Apr highs, former pennant resistance) at 14.34 where bulls may reassert ahead of a return through 15.32 (12 Sep high, Resistance 1). An upside break there would stage 15.77 (Resistance 2) then 16.49 (Resistance 3). Further strength would allow bulls to seek the 16.93 YTD high (10 Feb, Resistance 4).
However, a break below 14.34 would negate and expose 13.82 (19 Aug low, Support 1) then 12.89 (09 Aug higher low, Support 2). Further weakness below would risk a deeper setback towards 12.05 (30 Jun low, Support 3) for a potential retest.
Trading Indication:
Short-term (Intraday):
Buy at 14.35 or lower;
Target at 15.77 and higher; Stop Loss at 14.10 (1.7%)
Long-term: Possibly sell higher
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