May Technical Analysis – DRN and EDC

All of my DRN options were assigned over the weekend, so as of this morning, I am sitting on my shares of EDC and nothing else. So lets check the tape.

DRN


April’s assessment of DRN:

The longer term support levels held, and DRN meandered its way higher. Slow and steady, all the way from last July.

DRN consolidated for a majority of the May timeframe, within the $70-$80 price range. The uptrend since last October is also intact.

EDC


Here’s what I said in April:

EDC rocketed up to $45/share (a measly 28% gain). It appeared that EDC found support at the 20 DMA, broke below it, then found support near the 50 DMA. EDC bounced around quite a bit, but hasn’t made much progress from the high 30’s of last October.

EDC was able to reclaim the 20 DMA for a short period of time, then failed to find support there or at the 50 DMA. It appears as though there is some support at the $33 level, which pushed EDC back above the 200 DMA.


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About T. Knight
Blogging about my journey to financial independence via investing for cashflow.

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