Technical Pulse: DoorDash Inc. October 22, 2021 141

DoorDash Inc (US: DASH) has been on an intermediate uptrend since it breaks above US$170.00 psychological resistance back in July 2021. Further technical has also indicate strong bullish upside:

 

  1. The formation of the larger cup and handle is coming close to a completion of the pattern as prices is showing strong bullish price action within the resistance zone.
  2. Bullish engulfing candle on Thursday has invalidate the bearish engulfing candle on Tuesday. Furthermore, prices has been sustaining closure above US$210.22 support level and the Kijun-Sen.
  3. Bullish flag pattern will be completed once it breaks above the lower boundary of the resistance zone at US$221.03

 

 

 

*Expected timeline of the trade is 15 weeks from the date of report issuance.

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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