Dye & Durham Ltd. - (DND.TO) - January 20, 2023 (Daily Stock Report)

by SIACharts.com

Dye & Durham (DND.TO) is a producer of law office management, data analysis and payments software. DND.TO spent most of 2021 and 2022 bouncing around between the red and yellow zones of the SIA S&P/TSX Composite Index Report. In the last month, the shares have soared up the rankings into the Green Favored Zone, reaching the highest rankings since their debut nearly two years ago. Yesterday, DND.TO finished in 20th position, up 185 spots in the last month.

Back in December, a year-long downtrend in Dye & Durham (DND.TO) shares bottomed out with downward momentum slowing in the $11.50 to $17.50 zone. The shares then broke out of a downtrend, completing a bullish Falling Wedge pattern, and regained their 50-day moving average on a spike in volumes, which indicated a significant trend change was underway. Since then, DND.TO has continued to climb, establishing a new uptrend of higher lows. Yesterday, Dye & Durham closed above $20.00 for the first time in six months, indicating continued investor interest.

Based on measured moves, round numbers and previous resistance, potential upside resistance may appear in the $23.00-$23.50 area, near $25.00, or in the $29.50 to $30.00 zone. Initial support appears near the $17.50 recent breakout point.

A new recovery trend appears to be getting underway in Dye & Durham (DND.TO) shares. After selling off through the first three quarters of 2022, DND.TO spent Q4 bottoming out and base building. Accumulation started in December with the shares completing bullish Double Top and Spread Double Top breakouts. This month, the start of a new uptrend has become clearer with the shares breaking out of their base over $17.25 with a bullish Spread Triple Top breakout, followed by a successful retest of the breakout point as new support and then a Double Top breakout completing a Bullish Catapult. Yesterday, the shares closed above $20.00, confirming continued investor interest.

Horizontal and vertical counts suggest next potential resistance on trend may appear near $24.60 then $28.25, along with the $25.00 round number. Initial support appears near $18.25 based on a 3-box reversal and a retest of a recent breakout point.

With a perfect SMAX score of 10, DND.TO is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Total
0
Shares
Leave a Reply
Previous Article

The State of the Economy is Disinflationary not Deflationary

Next Article

A Delayed Reckoning

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.