DAVIN consolidating at 3.89 – 3.47 range

DAVIN is currently moving sideways within the range of 3.89 – 3.47 per share and in the absence of a good candlestick setup, this stock may continue to move within its trend. Last week the bulls were having a hard time breaking the resistance and has created a lower high based on the recent high at 4.57. Momentum has slowed down and the bearish divergence on RSI has taken effect on the price movement. For those who would like to enter may test buy at 3.47 or 38.2% Fibonacci Retracement level but it would be wise to wait for a bullish candlestick at that level otherwise you might see your stock plunge to the next support which is at 3.14

RSI or Relative Strength Index is at 59 and is still pointing downwards.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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