At askSlim.com we are pure technical analysts – we let the “Charts” do the talking.
Our custom multiple-time-frame annotated charts deliver insights into directional bias, timing, and key price levels by utilizing our unique askSlim methodology that combines cycle analysis, momentum/trend studies, and swing high/swing low techniques.
This chart analysis of Doordash (DASH) has been done per a request from one of our Level 4+ premium members. The information in this article is current as of 5/10/22.
In the previous intermediate-term cycle for DASH, we saw three significant events take place: 1. The Slim Ribbon momentum indicator turned negative 2. A left-hand translation occurred, meaning the cycle peaked before its midpoint 3. Price broke through the cycle low support, rendering the cycle negatively configured.
All three of these events typically indicate further downward movement in price, which is what occurred. In the current intermediate-term cycle for DASH, it looks like two, if not three, of these events have taken place once again. With that in mind, our analysis projects that DASH will mark new lows before it reaches its next intermediate-term cycle bottom, and we will be watching for movement to the nearest minor resistance level for a short-sided opportunity.
Some key weekly data points to watch:
– DASH is near the midpoint of its current intermediate-term weekly cycle
– The next cycle low for DASH is projected to be between 7/25 – 9/9/22
– The next minor resistance zone on the weekly chart is from 89 – 104.5
– The next key weekly support level is near an Int. 50% Fib Ext at 38.74
To learn more about the askSlim Method of performing Cycle Analysis, you can read our series, Introduction to Cycle Analysis.
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