Two sell side firms cut their price target on Dupont ( DD) but the charts and indicators are improving from my perspective.
In this daily bar chart of DD, below, we can see that prices declined from January to early July. Trading volume surged in late June and early July suggesting we have seen some "throw in the towel" volume/action. Prices are still trading below the declining 50-day moving average line and below the declining 200-day line.
The daily On-Balance-Volume (OBV) line shows a decline from January but also some stability in July. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal.
In this weekly Japanese candlestick chart of DD, below, we can see that prices are trying to hold in a former resistance zone in the $60-$55 area. Former resistance zones on the way up can become support zones on the way down.
Prices are trading below the declining 40-week moving average line. The weekly OBV line shows some improvement from early June. The MACD oscillator is below the zero line but has started to narrow.
In this daily Point and Figure chart of DD, below, we can see a potential downside price target in the $42 area. A trade at $59 could improve the picture.
In this weekly Point and Figure chart of DD, below, we can see a potential downside price target in the $46 area - not as bearish as the daily chart. A trade at $52 is needed to refresh the downtrend.
Bottom line strategy: As long as the early July low in DD holds, I am encouraged about DD's prospects. Let's put DD on our "market minder" and circle back in a few weeks.
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