DDD down but yet to clear 2013 support
DDD is a stock I looked at shorting on 13th November. At the time I wanted to see the weekly chart close below the 200ma and for price to clear the $28-$30 zone.
The weekly did end below the 200ma but the following two weeks saw price retrace. However, the overall trend remained bearish and a small head and shoulders pattern formed on the daily chart - giving confidence that the downward move would continue. Price broke cleanly through the November low (on 8th December) and a linear trend has developed.
However, we still haven't seen the 2013 pivot low of $27.88 being taken out. If this breakout occurs there is no further strong support until the $20 zone.
The weekly did end below the 200ma but the following two weeks saw price retrace. However, the overall trend remained bearish and a small head and shoulders pattern formed on the daily chart - giving confidence that the downward move would continue. Price broke cleanly through the November low (on 8th December) and a linear trend has developed.
However, we still haven't seen the 2013 pivot low of $27.88 being taken out. If this breakout occurs there is no further strong support until the $20 zone.
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