DoorDash, Inc. (DASH) - December 22, 2023
DAILY STOCK REPORT: DOORDASH JOINS THE SIA NASDAQ 100 INDEX REPORT
At SIA Charts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone.
Online meal ordering and delivery service provider DoorDash (DASH) joined the SIA NASDAQ 100 Index Report last week near the top of the Green Favored Zone. Since joining, it has been holding steady in fifth place.
Candlestick Chart Regains the $100.00 Level:
Since bottoming out in October of 2022, DoorDash (DASH) shares has been under renewed accumulation, steadily clawing back territory lost in a previous year-long selloff. Back in the spring, DASH completed a bullish Ascending Triangle base with a breakout over $70.00, which it then successfully retested as support in October.
In recent weeks, the shares have rallied up off of $70.00, broken through their summer peak near $92.50, which has reversed polarity to become initial support, and rallied back up above $100.00 for the first time since April of 2022. Measured moves suggest next potential upside resistance may appear near $115.00, then $130.00.
Point and Figure Chart Recovery Trend Catapults Into a New Phase:
DoorDash (DASH) shares have been bouncing back through 2023, steadily establishing a new uptrend of higher lows. Back in the summer, DASH broke out of a base, and snapped a long-term downtrend line to signal the start of a new uptrend. Following an initial rally the shares staged a common correction which bottomed out at another higher low near $70.00.
In recent weeks, DASH has launched upward with a breakout rally, followed by a small 3-box correction and then another breakout which has triggered bullish Double Top and Bullish Catapult signals, both signs of increased accumulation.
Having now regained the $100.00 round number, a cluster of vertical and horizontal counts suggests next potential resistance may emerge in the $117.80 to $122.60 range. Initial support appears near $92.90 based on a 3-box reversal.
With a perfect SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, DASH is exhibiting short-term strength across the asset classes.
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