DoubleDragon Technical Analysis
DoubleDragon Properties Corp. (DD) closed on August 2, 2019, Friday, at 24.70 per share, up by 0.82 percent. DD is up by 2.07 percent MTD, and up by 38.45 percent YTD. DD’s support is near 23.90 while the resistance is near 27.10.
There are two indicators or combos that become valid or bullish for me to say with a high conviction that the ascent in price is more likely to continue.
Firstly, the 10SMACD combo must valid. Secondly, the Momentum Power Indicator (those 4 criteria) must be bullish.
In the case of DD, as of last Friday’s trading, the 10SMACD combo remains invalid since MACD is still moving below the signal line. However, there’s already a formation of a bullish convergence between the MACD and the signal line. The Momentum Power Indicator is already bullish, on the other hand.
There’s a weakening downward momentum as can be seen by the downward-sloping -DMI.
Once the price inches up above 25.30 to 26, the -DMI may already moving below the +DMI and MACD may already be moving above the signal line.
While foreign investors are net buyers in the last week of July, they’ve not been registering significant Net Foreign amounts.
Trade-Volume Distribution Analysis
DD
Last Price: 24.70
VWAP: 24.73060935
Most Traded: 24.75 – 24.7
Most Voluminous: 24.75 – 24.7
With the dominant range parked closer to the intraday high than the intraday low, there’s a chance for DD to continue going higher. Don’t expect an abrupt ascent, however. Like what I’ve said, the 10SMACD combo is not yet valid.
True Market Sentiment Analysis
True Market Sentiment of DD as of Aug-02-2019 at 03:30PM, with a last price of 24.700.
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
True Market Sentiment: NEUTRAL
Top 10 Players’ Buying Average: 24.7396
Top 10 Players’ Selling Average: 24.7225
Bonus Info:
3 out of 25 participants or 12.00% of all participants registered a 100% BUYING activity
14 out of 25 participants or 56.00% of all participants registered a 100% SELLING activity
The neutral true market sentiment complements my observations above.
Recommendations
If you’re planning to enter a new position, you know that the 10SMACD combo must become valid and the Momentum Power Indicator must be bullish.
During The Evergreen Strategy in Trading the Philippine Stock Market seminar, what did I say when it comes to pre-empting the confirmed buy signals?
We should only pursue the plan of entering a new position, despite the invalidation of the 10SMACD combo for as long as the Momentum Power Indicator is bullish, if and when you honestly regard yourself as an experienced and disciplined trader.
So, since DD’s 10SMACD combo remains invalid but the Momentum Power Indicator is bullish, only you can decide if you should go with the plan to enter a new position.
If DD is still trading above your trailing stop loss, please consider what I mentioned above on whether you will only hold your position or top up.
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