It's a positive start to the day for DASH, with a hold above $71.40 supporting a 2nd half of a day move to recoup more losses from last week.
DASH gained 3.53% on Monday, partially reversing a 4.77% fall from Sunday, to end the day at $71.45.
A relatively choppy first half of the day saw DASH fall from an early morning high $70.82 to an early afternoon intraday low $67.21 before finding support from the broader market.
Steering clear of the day’s first major support level at $66.81, DASH tracked the broader market to a late afternoon intraday high $73.3, breaking through the first major resistance level at $72.07, before easing back to $71 levels by the day’s end.
The extended bearish trend remained firmly intact, in spite of Monday’s gains, which barely made a dent into last week’s 19% slide, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
At the time of writing, DASH was up 0.11% to $71.53, with moves through the morning seeing DASH rise from a start of a day morning low $71.40 to a morning high $71.996 before easing back, the major support and resistance levels left untested early on.
For the day ahead, a hold above the morning low $71.4 through to the early afternoon would support a move back through the morning high $71.996 to bring $72 levels into play. Sentiment across the broader market will need to materially improve for DASH to take a run at the first major resistance level at $74.10, with Monday’s high $73.3 likely to pin DASH back from a breakout later in the day.
Failure to hold above the morning low could see DASH pullback through to $70 levels to bring sub-$70 levels and the first major support level at $68.01 into play before any recovery.
Heavier losses are no expected on the day, barring materially negative news hitting the wires.
Major Support Level: $68.0
Major Resistance Level: $74.1
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.