Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of Digital Ally, Inc. (NASDAQ: DGLY) pulled back hard after peaking out at $33.59 a little over three weeks ago.
In bottoming out at $15.07 Thursday, the stock retraced almost exactly 61.8 percent of the up move that took place from the mid-August low of $3.25 to the $33.59 high on September 2.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Since Thursday's low, Digital Ally gapped up Friday morning and has traded as high as $20.20, briefly eclipsing the long-term horizontal line resistance at $20.08.
The Technical Take
From a technical perspective, the stock could be going through the “b” wave higher of an “abc” downside correction.
The upside target of this “b” wave is very tough to determine at this point. However, technicians would say that Digital Ally can be bought as close to support (at $14.84) as possible in the hopes that the stock will run back up toward $25 or so.
For those on such a long-side entry, technicians note that at least they'll be able to know when it's time to get stopped out if Digital Ally were to close below $14.84. The next support on the downside comes in at $11.49.
A Note Of Caution
In particular, short-selling Digital Ally shares appears to be an even more difficult proposition. The upside in a fundamentally-disconnected stock could, in theory, be limitless.
Extreme caution is therefore encouraged for those considering this strategy.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.