Send me real-time posts from this site at my email

DSW To See Resistance After a Bullish Breakout

A couple of weeks ago, we discussed how $DSW was working on a bullish breakout. We assessed atarget of $26 for the bullish breakout scenario.

DSW Daily Chart

(click to enlarge)

Bullish Reversal?
- The daily chart shows a market that has been falling, but has been in a bullish reversal attempt since tagging a low below $16 in 2017. 
- We can see that price picked up in the second half of 2017, stalled, then popped up again in the last April/May 2018. 
- The latest rally bounced off the moving averages, which is a strong sign that bulls are in control at the moment.
- Then, price broke above several resistance factors.
- Price is about to reach a previous resistance around $26-$26.50. 
- If price indeed finds resistance here and retreats, we should anticipate support around $22-$23. 
- A break below $20 would on the other hand would likely signal a bearish continuation scenario.