DASH gives up early gains to move into the red, sentiment across the broader market weighing off the back of Thursday's sell-off.
DASH tumbled by 9.68% on Thursday, reversing a 0.91% gain from Wednesday, to end the day at $74.781.
Bearish from the start of the day, an early morning intraday high $82.894 came up well short of the first major resistance level at $86.25 before hitting reverse, with bearish sentiment across the broader market weighing through the day.
The reversal saw DASH fall through the first major support level at $79.21 and second major support level at $75.81 to an intraday low $73.975 before finding support to move back through to $74 levels by the day’s end, while unable to move back through the support levels.
In spite of a minor gain at the start of the week and a rally last week, the extended bearish trend remained intact, 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 down 0.11% to $74.698, with DASH rising from a morning low $73.516 to a morning high $75.2 before easing back to $74 levels, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $75.2 would bring $77 levels into play, with sentiment across the broader market needing to material improve for a run at the first major resistance level at $80.46, a move through to $77 levels by the early afternoon needed to support a breakout.
Failure to move back through the morning high could see DASH take a hit later in the day, with a fall through the morning low $73.516 bringing the day’s first major support level at $71.5393 and $70 levels into play before any recovery, sub-$70 support levels unlikely to be in play through the day.
Major Support Level: $71.54
Major Resistance Level: $80.46
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.