DNL Initial Target Hit
D&L Industries, Inc. (DNL) in just a matter of 7 days already hit our initial target of Php7.90 last Friday. In our Equity Advisor last April 23, we highlighted that it had just broken out from either a rectangle or an ascending triangle pattern. DNL managed to keep itself above the critical Php7.20 level before eventually springing higher to the rectangle’s target of Php7.90. Given DNL strong closing last Friday and its positive gap 4 days ago when it jumped over Php7.50, it appears that DNL attempt to reach our second target of Php8.40. J If its us, we’d take any dips here and there as an opportunity to go long. Caveat.
DNL write-up from the Trading Edge Equity Advisor:
April 23, 2013
As noted in our Equity Advisor dated April 21, we said that D&L Industries, Inc. (DNL) was already on the verge of moving higher. The clue came from when it failed to reach the bottom of the rectangle pattern where it was trading about 2 months now. That actually suggested that investors were already keen in picking up shares of DNL. Today, it finally moved and closed above its resistance at Php7.20. If it can stay above this mark in the next few days then it may aim for its initial target of Php7.90. It can also be said that the pattern that DNL broke was an ascending triangle. If this is the case then its target may be adjusted upwards to Php8.40. Moreover, a positive turn in its MACD also indicates that its recent ascent may be sustained at least in the near term. On the other hand, a move back below Php7.20 may send it down towards Php6.50.
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