Tyke,
Thanks for pointing out the chart. An point worthy of noting, in my opinion, is the formation of two different pennants in the steady decline since Sept 11.
The first pennant started its formation on Sept 11 and broke out from the apex, predictably to the downside, during the week of Sept 17.
The second pennant reached its apex this past Thursday. Friday (yesterday) should have seen a move down, however, despite lower overall markets and the technicals working against it, DMX managed to make a nice gain. I suppose it's too early to say that the pennant formation has been broken, since head fakes are very common.
If DMX can have another up day on Monday, the MACD should cross and the downward sloping, upper trend line, should be broken as well.
We'll see.
joe |
