A bit ago, a good friend asked me about DQ. I was not familiar with this (new) energy company, but was just looking at pure technicals. Had a heads up that if a support level was broken, there would be further downside. Needless to point out. It happened, worse that I had expected.
Now that December is over, looking at the monthly chart bodes very badly for DQ. It can get DQ-ed in many aspects. Here is what I see…
1. Bearish Monthly Marubozu candlestick just speaks volumes. It closed at a multi year low on a very solid bearish candlestick - the marubozu.
2. The topping pattern of lower highs and lower lows put a critical support at 32.20. Once broken, it is possibly to drop swiftly to 10-12.
3. The Monthly MACD crossed down and continues to trend down. By the time the Signal line crosses down below zero (into bearish territory) prices should have broken below the critical support.
4. Similarly, VolDiv indicator shows no accumulation.
Given the set above, the coming month(s) will really test 32.20 critical support. I do not these odds, and already appears ominous that something not very good is about to take place.
This is what I see based on what I know…
Heads up into 2023.
This is dedicated insight to my good friend :)
Happy New Year!
Now that December is over, looking at the monthly chart bodes very badly for DQ. It can get DQ-ed in many aspects. Here is what I see…
1. Bearish Monthly Marubozu candlestick just speaks volumes. It closed at a multi year low on a very solid bearish candlestick - the marubozu.
2. The topping pattern of lower highs and lower lows put a critical support at 32.20. Once broken, it is possibly to drop swiftly to 10-12.
3. The Monthly MACD crossed down and continues to trend down. By the time the Signal line crosses down below zero (into bearish territory) prices should have broken below the critical support.
4. Similarly, VolDiv indicator shows no accumulation.
Given the set above, the coming month(s) will really test 32.20 critical support. I do not these odds, and already appears ominous that something not very good is about to take place.
This is what I see based on what I know…
Heads up into 2023.
This is dedicated insight to my good friend :)
Happy New Year!
