CONSIDER TAKING 40% MATASII GAINS IN DANA CORPORATION
DAN CHART AS OF CLOSE 11-28-18
INITIAL DAN Dana Incorporated IDEA: April 28th, 2018
A large channel can be seen on the weekly chart (left) that was recently broken out of and then fallen back in to. The top of this channel offers a technical trigger consideration if the market finds support and continues its previous positive trend. It has been highlighted with solid orange and a price of $31.00 has been given to watch, but note the trend line is not perfectly horizontal and it is ultimately a break over this technical we are wanting ($31.00 is just a price to watch and take note of a potential break up opportunity).
On the daily chart (right) we get a closer look at the markets fall off since the beginning of this year. The drop found support and started consolidating in April, note that it has done so at a Fib level. Breaking below this (solid orange highlight $24.60) could see a continuation of the decline and ultimately end up back at the lower support of the larger weekly channel.
In either case, once the market has broken the orange highlighted technical trigger considerations we would be looking to the next Fibonacci level and/or technical s/r (support/resistance, trend line). Dashed orange arrows highlight these potential moves and the market can be followed from one to the next. Expect to see the market bouncing between the MA's, BB's and the technicals drawn on the chart.