Damac a trending stock

Jul 3, 2020

Damac is in lime light this days as the news about the company was taking rounds. However lets see it from technical point of view it made a huge gap up from 0.685 to 0.730 thats a huge jump it also make a day limit up during the day but it could not sustain the rally and made a long inverted hammer candle. I did not trade this as i like to stalk the stock let it give a break out and come back for retest and thn i buy it. In thursdays session it made a gap down indicating weakness as buyers were not interested at tht level and eventually it made a doji candle. Its immediate support level is around 0.710 which is not strong enuf 0.70 is strong support i would like to wait and see for the buy signal and thn enter the trade.

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