DFNN, Inc. Technical Analysis
DFNN closed on a positive note on May 7, 2021, Friday, at ₱4.98 per share, up by 20.87 percent. It is the stock’s biggest breakaway gap year-to-date with a total turnover value of ₱148 million.
The immediate support is near ₱4.73, while the immediate resistance is near ₱5.50. Please refer to the chart below for the lower and higher support and resistance levels, respectively.
DFNN has an extremely high erraticity level due to its 10-day historical volatility score of 110 percent.
Foreign investors’ participation isn’t significant, however. They only registered a net foreign selling worth ₱5 million. They are also net sellers year-to-date.
Let’s see if DFNN has a confirmed buy signal based on my Evergreen Strategy 2.0.
Firstly, DFNN’s last price is above its 10-day simple moving average (SMA), which is good.
Secondly, its Moving Average Convergence Divergence (MACD) moves above the signal line, which is good, too.
Thirdly, the last price of ₱4.98 is higher than DFNN’s volume-weighted average price (VWAP) of ₱4.9605, which is bullish.
Fourthly, the last volume bar is higher than 100 percent of DFNN’s 10-day volume average. Again, that’s in favor of the bulls.
Fifthly, the Dominant Range Index (DRI) of DFNN is bullish.
Dominant Range Index
Dominant Range Index: Bullish
Last Price: ₱4.98
Intraday Low: ₱Price
Intraday High: ₱5.4500
VWAP: ₱4.9605
Dominant Range: ₱4.90 – ₱5.00
On the other hand, DFNN’s Market Sentiment Index (EOD) is bearish. Therefore, this is not a confirmed buy signal for those who are yet to enter a new position on this stock.
Market Sentiment Index
Market Sentiment Index: BEARISH
27 of the 60 participating brokers, or 45.00% of all participants, registered a positive Net Amount
24 of the 60 participating brokers, or 40.00% of all participants, registered a higher Buying Average than Selling Average
60 Participating Brokers’ Buying Average: ₱4.92394
60 Participating Brokers’ Selling Average: ₱4.95076
9 out of 60 participants, or 15.00% of all participants, registered a 100% BUYING activity
9 out of 60 participants, or 15.00% of all participants, registered a 100% SELLING activity
Synthesis
Six parameters should get a bullish rating for my Evergreen Strategy 2.0 to issue a confirmed buy signal. But, unfortunately, the sixth parameter got a bearish rating.
If you are yet to enter a new position on DFNN, it’s prudent to wait for a pullback below the support at ₱4.73 or a breakout above the resistance at ₱5.50, especially if you’re a newbie trader or investor. Note that its 10-day historical volatility is higher than 100 percent.
If you already have a position on DFNN and your trailing stop is intact, you have the option to hold your position. Top up within the prevailing dominant range once all the six parameters above are bullish.
Are you one of our clients at Equilyst Analytics? You may request for the updated Dominant Range Index and Market Sentiment Index charts and statistics of DFNN or any stock in our online discussion board as trading happens.
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very good insights on trading…
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