DMC Fibo bounce play
DMC was doing really well in the past several days rallying 36% from when it first breakout in Oct 1.
Due to the parabolic run, early buyers had a selling spree to realize their profit which brought the stock to its current level.
The interesting part is it just touched the 38.2 retracement level and in case it holds, a bounce is imminent.
That doesnt mean you should just enter blindly. A responsible trader should still prepare for a cut loss in case 7.85/sh breaks down.
Due to the parabolic run, early buyers had a selling spree to realize their profit which brought the stock to its current level.
The interesting part is it just touched the 38.2 retracement level and in case it holds, a bounce is imminent.
That doesnt mean you should just enter blindly. A responsible trader should still prepare for a cut loss in case 7.85/sh breaks down.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.