How Do Technical Analysts View DuPont?
JC Parets of Eagle Bay Capital recently discussed E I Du Pont De Nemours And Co (NYSE: DD) in his firm’s latest Dow Thirty report.
Parets felt that Du Pont had looked nice in recent years, however, the current volatility and indecision was “typical behavior for turning points...not trending markets.”
He continued, "This added volatility led us to be much less constructive in this market. I haven't seen enough to short it as we are still watching this support from July to signal the end of this bull run."
The most recent downward move on the chart seemed to indicate “that this last move was it, at least for now,” Parets explained, following an increase in volatility.
“We've said that a bullish development would be a rally back above those September highs," however, that has yet to happen, the report noted.
Parets concluded, “I would still be neutral and approach this market tactically with a shorter-term outlook.”
E I Du Pont De Nemours And Co is down 2 percent year to date.
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