DGAZ Creating Strong Up Channel

DGAZ Creating Strong Up Channel

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Since gapping down big on January 14, DGAZ has created a nice up channel as it seeks to reclaim its old highs.

The MACD indicator is bottoming and will turn upward with just one more day of positive price action. Likewise, the RSI at approximately 54 shows that DGAZ is neither overbought nor oversold, and it leaves plenty of room for more upside in the short term.

DGAZ is currently at resistance at its 20-day moving average. However, this is small resistance and the next level of resistance is likely to occur when DGAZ tests the $7.45-$7.55 range.

Traders should look for DGAZ to maintain its up-channel trend in order to continue its momentum.

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