DOMINO'S 🟥 Correction into earnings may present bullish levels
💬 Domino's (DPZ) has performed very well recently as delivery options were expanded and people relied on the delivery giant during COVID.
We love cheap delicious pizza, and we may fall in love with Domino's going into earnings July 16th, let's see what levels look like going into earnings for the DPZ bulls and bears alike.
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Support:
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Summary:
The bulls will want to hold the current range into earnings, likely by way of an ABC correction as shown on the chart. A move off S2 and above R1 into earnings or after it is ideal for the bulls.
The bears will want to defend R1 to ensure the Domino's COVID FOMO ends here.
Resources:[/I]
earningswhispers.com/stocks/dpz + wtop.com/consumer-news/2020/06/dominos-expands-delivery-options-home-buying-moves-online/
✨Drop a comment asking for an update, we do NEW setups every day!✨
We love cheap delicious pizza, and we may fall in love with Domino's going into earnings July 16th, let's see what levels look like going into earnings for the DPZ bulls and bears alike.
Hit that 👍 button to show support for the content!
Help the community grow by giving us a follow 🐣
-----
Support:
- S1: The S1 orderblock at the most recent swing low is the first point of support for the bulls, we are essentially already at this level, and it would be a logical place for the bulls to hold above. That said, earnings are a ways off, so lower support may be needed.
- S2: The S2 S/R flip is where price most likely finds support. It would be logical for price to remain range-bound until earnings, and this level is the one to hold if that does end up being the case.
- S3: If the COVID fears get the better of the market, or if we see some unexpected DPZ FUD, then the S3 orderblock could work as a support of last resort for the bulls.
Resistance: - R1: The R1 bearish orderblock is the only real resistance to worry about here. If the bulls can send it past R1, then we are almost certainly going to make new highs. If the bears can defend R1, especially after earnings, then it is a bad look for this titan of pizza.
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Summary:
The bulls will want to hold the current range into earnings, likely by way of an ABC correction as shown on the chart. A move off S2 and above R1 into earnings or after it is ideal for the bulls.
The bears will want to defend R1 to ensure the Domino's COVID FOMO ends here.
Resources:[/I]
earningswhispers.com/stocks/dpz + wtop.com/consumer-news/2020/06/dominos-expands-delivery-options-home-buying-moves-online/
✨Drop a comment asking for an update, we do NEW setups every day!✨
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