DoubleDragon Technical Analysis: Likely to Bounce Away From or Pierce ₱16.60?

DoubleDragon Properties Corp. Technical Analysis

DoubleDragon Properties Corp. (DD) traded in a topsy-turvy manner on February 19, 2021 as it closed at a price lower than its opening price. DD closed at ₱15.26 with a Net Foreign Selling worth ₱6.42 million.

This property stock is on a net foreign selling year-to-date. Did you know that foreign investors have extended their selling-spree from 2020 and registered over ₱60 million worth of net foreign selling this week?

DD’s main support is near ₱13.90, while its main resistance is near ₱16.60. However, I see a minor resistance near ₱15.40, confluent with the 78.60 percent retracement of the Down Fibonacci. DD must break that minor resistance with a volume preferably above 100 percent of this stock’s 10-day volume average to increase the likelihood of drawing closer to the main resistance at ₱16.60.

DD maintains its low-risk level due to its 10-day historical volatility score of 25 percent. This is a newbie-friendly stock.

Its upward momentum is not yet confirmed very strong since DD’s Average Directional Index is still below the 25-point mark. Besides, I see a formation of a bearish convergence between the negative and positive DMI lines. DD must break the minor resistance I mentioned above to jinx this bearish convergence between the two DMI lines.

Trade-Volume Distribution Analysis

Last Price: ₱15.26
Intraday Low: ₱14.7400
Intraday High: ₱15.5200
VWAP: ₱15.0634
Dominant Range: ₱15.00 – ₱15.26

Following my Evergreen Strategy 2.0 (which I will discuss with all attendees of my 2-day online workshop on February 25 and 27), DD got a confirmed buy signal because both of its 10SMACD and Momentum Power Indicator are bullish. Attend my 2-day online event, so you’ll understand how I arrived at that synthesis.

True Market Sentiment EOD – February 19, 2021

True Market Sentiment: BEARISH
5 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱15.0427
Top 10 Players’ Selling Average: ₱15.0382
11 out of 40 participants, or 27.50% of all participants, registered a 100% BUYING activity
6 out of 40 participants, or 15.00% of all participants, registered a 100% SELLING activity

True Market Sentiment WTD – February 15-19, 2021

True Market Sentiment: NEUTRAL
5 of the top 10 brokers registered a positive Net Amount
7 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱15.1155
Top 10 Players’ Selling Average: ₱15.0084
5 out of 78 participants, or 6.41% of all participants, registered a 100% BUYING activity
23 out of 78 participants, or 29.49% of all participants, registered a 100% SELLING activity

True Market Sentiment MTD – February 1-19, 2021

True Market Sentiment: NEUTRAL
6 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱14.8230
Top 10 Players’ Selling Average: ₱14.8833
6 out of 85 participants, or 7.06% of all participants, registered a 100% BUYING activity
14 out of 85 participants or 16.47% of all participants registered a 100% SELLING activity

The overall True Market Sentiment across three timeframes is neutral. That’s a sign wanting us to err on the side of caution.

Recommendations

You know that there’s a confirmed buy signal based on my Evergreen Strategy 2.0. Before you hit the buy button, you must calculate your initial trailing stop and reward-to-risk ratio. You can use my trading calculators. If you’re satisfied with the ratio, that’s when you can position within the prevailing dominant range. If today’s dominant range doesn’t appear in the spread within the first 3 to 5 minutes of trading on Monday, ask for our latest analysis in our Private Clients Forum (if you’re one of our clients).

On the other hand, it’s either you top up (if you’re buying power allows it) or hold your position if you want to take the hint from the neutral True Market Sentiment across three timeframes. Base your decision on your risk appetite. If you’re a high-risk trader or investor, topping up may be attractive for you. Otherwise, holding your position may be a more prudent option. Just keep an eye on your trailing stop. Do an upward adjustment if and when the prevailing price goes higher than your previous basis for your trailing stop.

If everything I said above seems a lot to absorb, please attend my 2-day online event on February 25 and 27 so you’ll be able to learn how to invest independently and trade tactically. All attendees will get a 1-year free subscription to Equilyst Analytics. Click here to get your ticket.

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Jaycee De Guzman

Founder and CEO at Equilyst Analytics

Experience the expertise of Jaycee De Guzman, the brain of Equilyst Analytics, renowned for his unique data analysis. He is a computer scientist and a self-taught digital marketing strategist and agriculturist. Since Equilyst Analytics’ founding in 2012, over 10,000 local and foreign clients have consulted with Jaycee de Guzman on crypto and stock investments.

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