Watch for a $DASH to Deliver a Pullback – November 15, 2023
This is Scott with your Chart of the Day. I want to take a look at DoorDash ( NASDAQ: DASH ).
Now, while the rest of the market had a bit of a red day here, although it was higher than yesterday’s close, Dash ( NASDAQ: DASH ) actually went up nicely today and did it on higher-than-average volume. So I definitely think this is one that you want to keep on a watch list, but maybe not buy right here right now.
You probably want to look for a bit of a pullback to that daily 8-exponential period moving average, or possibly a pullback to the 21-day. You can see how beautifully this stock has traded the last couple of weeks, where it gapped up on earnings, did it on high volume, back-tested that move, held the moving averages, and then marched higher here.
Now, if I zoom out, we can see some definite potential profit-taking areas, maybe right around that psychological $100.00 level. And then I am looking up here at around that 113.00 level. And then up here, at maybe around 128.00, with some possible upside targets if this does continue. But here’s the thing, I don’t think it is going to do that in a straight line.
I think it is going to pull back to that 8-day exponential and give you a nice entry with clear defined risk at the moving average. That is what I am looking at here with DoorDash ( NASDAQ: DASH ), and I hope you found it helpful.
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