DD need to establish strong support

DD fell by 4.8% today and close at 8.78 per share. Will it continue to dip? Based on our fibonacci retracement setup, the support for DD is at 8.21 or the 23.6% Fibonacci Retracement level while next support is at 7.10. Notice that there is not much action on 8.21 so as of this time we regard this as a weak support compared to 7.10

DD has been moving up without testing some supports so I think it would be wise not to get DD as of this time and wait where it will bottom out.

RSI or Relative Strength Index as of this time is 79

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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