Dupont De Nemours Inc - (DD) - January 12, 2023
After spending most of the last two year stuck in the red zone of the SIA S&P 500 Index Report, DuPont (DD) started climbing back up the relative strength rankings in September and yesterday it returned to the Green Favored Zone for the first time since February of 2021. DD has climbed 36 positions in the last month, including a rise of 5 spots yesterday to 125th place.
A classic, bullish Flag pattern appears to be unfolding in DuPont (DD) shares. A year-long downtrend bottomed out with a successful test of round number of support near $50.00. An initial near-vertical spike rally from near $50.00 up toward $72.00, which also snapped a downtrend line, formed the flagpole, and several weeks of consolidation in a higher $66.00 to $72.00 range formed the flag.
This month, DD has broken out over $72.00 to signal the start of the second rally phase within the Flag. A measured move suggests potential resistance near $94.00 which is close to DuPont’s 2018 peak. Initial resistance may appear near $84.00 based on previous struggles. Initial support moves up to the $72.00 breakout point from $66.00.
DuPont (DD) shares have gone on a rocket ride in the last two months since a selloff was contained by a 45-degree uptrend line near the $50.00 round number. For nearly three months now, DuPont has been under consistent accumulation, staging a bullish High Pole rally without even a 3-box correction. Along the way, DD has snapped a downtrend line and completed bullish Double Top and Spread Double Top breakouts.
Previous column highs suggest potential upside resistance tests may appear on trend near $79.25, $84.10, or $94.70. Initial support appears near $68.95 based on a 3-box reversal.
With a perfect SMAX score of 10, DD is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.