Damac a trending stock

3 Tem 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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