Market Overview

DuPont Investors: Take A Look At These 2 Charts


E I Du Pont De Nemours And Co (NYSE: DD) has been delivering strong performance over the past few years.

However, “this type of volatility and indecision is typical behavior for turning points and not trending markets,” a new Eagle Bay Capital report explains.

JC Parets, founder of Eagle Bay and Market Technician, adds that this volatility has led the firm to a much less constructive position in this market. 

Related Link: 2 Caterpillar Charts This Pro Is Watching

"A bullish development would be a rally back above those September highs," but the firm noted it has yet to see that. Parets “would still be neutral and approach this market tactically with a shorter-term outlook.”

Short-term, the firm has approached this market from a neutral position, “with a rising 200-day moving average and momentum hitting both overbought and oversold conditions,” giving them mixed signals since the Summer.

The experts note “a breakout above the September highs, based on the structural picture, would be an extremely bullish development and after struggling to start the year, we have held above it.”

Parets concluded: "We only wanted to be long if we were above 73 with an upside target near 78 based on the 161.8% Fibonacci extension of the Sept/Oct correction. Our target of 78 was hit last month and we continue to wait for more information before initiating any new positions.”

Shares of Du Pont are down almost 3 percent on Tuesday.


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Posted-In: Dow Thirty Eagle Bay Eagle Bay Capital Eagle Bay Solutions JC ParetsAnalyst Color Technicals Trading Ideas

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