DNR: possible breakout next week ~ market folly

Friday, May 9, 2008

DNR: possible breakout next week

Just wanted to post this up before I forgot. DNR is forming a nice ascending triangle and has triple/quadruple topped out at around $33. It's right around there now on some solid volume. And, given its association with the natgas space, I expect it to breakout past the $33 resistance and for that level to then become support. Draw a horizontal line across 33 to see what I'm talking about. Making higher lows, MACD is crossing over, RSI is about to make some new highs, stochastics are heading higher. Everything looks pretty solid here. Not to mention, check out those phenomenal hammers everytime this thing touches the 200day ma... outstanding. (ps- anyone know how to save an annotated chart from stockcharts.com? can't figure it out for the life of me)