DD's immediate support at 20 remains intact and strong. This support also falls around the 38.2% retracement which is one of the significant Fibonacci retracement levels.
*Immediate resistance at 22.
Trading Plan
Position Trade:
- Buy/Accumulate around the immediate support at 20.
- Near term TP at 25 (sell half if it hits this target, profit run the rest with trailing stop starting at 23).
- Stop-loss around the 50% retracement (a few points below 18).
Short Term Play:
- Buy near 20.
- Initial TP at 22 (sell half if it hits the initial TP, profit run the rest with appropriate trailing stop).
- Stop-loss just a few points below 19.5 for a risk reward ratio of at least 1:4.
Remarks
DD remains a long term buy (growth potential base on its 2020 business plan).
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