Chemical producer DuPont de Nemours (DD) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since June of 2018 after climbing 15 spots yesterday and 147 spots in the last month.
Last winter, the market plunge washed out a downtrend in Dupont de Nemours (DD) shares and since then, they have been steadily increasing. After spending the summer consolidating after the initial recovery rally, the shares snapped a downtrend line and broke out over $60.00 to signal the start of a new advance. The shares haven’t looked back since then, advancing on $80.00 with recent gains coming on a jump in volumes indicating strengthening accumulation and increased investor interest.
With support moving up to the $75.00 round number, next potential upside resistance appears near $85.00 based on previous resistance, $95.00 based on a measured move, the $100.00 round number, and the three-year high near $105.00.
The current pole in Dupont de Nemours (DD) shares highlights how accumulation has accelerated this month, consisting of 2 boxes in October, 5 boxes each in both December and January, and 8 boxes (of 2% each) in the first week of January.
Next potential upside resistance appears near $87.10 based on a vertical count, $92.45 based on a horizontal count, then the $100.00 to $104.10 zone between a round number and a previous peak. Initial support appears near $74.35 based on a 3-box reversal.
With a bullish SMAX score of 9, DD is exhibiting near-term strength against the asset classes.
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