DuPont Is Ready for Another Leg Higher

Here's our first price target.
Stocks quotes in this article: DD

DuPont de Nemours (DD) has been trading sideways for about seven weeks but it now looks like the shares will be heading higher. Let's check out the charts. 

 
In this daily bar chart of DD, below, we can see that prices have been bouncing off of the slowly rising 50-day moving average line. Trading volume is light and the On-Balance-Volume (OBV) line has been very stable.
 
The Moving Average Convergence Divergence (MACD) oscillator has been holding above the zero line and looks like it is on its way to a new buy signal. 
 
 
 
In this daily Point and Figure chart of DD, below, we can see that a trade at $79.84 will be a new high for the move up and refresh the uptrend. (A weekly close at $82 will be an important upside breakout.)  
 
 
Bottom line strategy: The charts of DD are ready to move higher. Traders could go long DD at current levels and above $80. Risk to $73 for now. $87 is our first price target.
 

(DuPont is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells DD? Learn more now.)

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