DNLI pulled back into support zone 39-40 (horizontal & 50% fib retracement of the recent AB swing up) and started to stage a rebound last Thursday, followed by a retest of the support zone on Fri and again rebounded to close with a bullish dragonfly candlestick. This coupled with bullish divergence between price and RSI increased the odds of a sustainable bounce from here (with a stop loss just below the support zone @ 39).
However! (risk disclaimer here) with presidential election and earnings round the corner, it might be prudent keep positions small or scale out at least partially before these events.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
However! (risk disclaimer here) with presidential election and earnings round the corner, it might be prudent keep positions small or scale out at least partially before these events.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
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