Dye & Durham Ltd - (DND.TO) - June 22, 2023
Dye & Durham (DND.TO) is a producer of law office management, data analysis and payments software. The stock’s relative strength within the SIA S&P/TSX Composite Index Report has had its ups and downs this year, soaring and diving back and forth between the red and green zones. Since May, it has been on an upswing, jumping from the red zone to the Green Favored Zone and continuing to climb.
DND.TO currently sits in 18th place, up 8 positions in the last month.Dye & Durham (DND.TO) continues to build a base for recovery from a major early-2022 selloff. Support has been coming in at higher lows, a sign of renewed accumulation, and the shares recently broke out of a downtrend, signaling the start of an upswing which would be confirmed by a close above $18.00.
Initial upside resistance appears near the $20.00 round number, followed by $23.00 which was last tested in February. A close above $23.00 would complete a pending ascending triangle base and confirm the start of a new uptrend with next resistance after that near the $25.00 round number. Initial support appears at the 200-day moving average near $16.50.
A quick start to the year for Dye & Durham (DND.TO) fizzled out, but recent trading suggests a recovery trend may be getting underway. A pullback that ran from February to May bottomed out at a higher low, a bullish sign and this month, DND.TO has come under renewed accumulation, completing a bullish Double Top breakout.
A horizontal count suggests initial potential resistance near $21.40 based on a horizontal count, then the February peak near $22.65, followed by the $25.00 round number and then the $26.50 to $27.65 zone where previous column highs and lows and a downtrend line converge. Initial support appears near $16.50 based on a 3-box reversal.
With a perfect SMAX score of 10, DND.TO is exhibiting strength across the asset classes.
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