stock
Dana (DAN-N, Wednesday’s close US$21.56) declined from US$28.44 in April 2021 to US$11.17 in September 2022 (A–B) while remaining below its falling 40-week Moving Average (40wMA). After a recovery rally toward US$19 (shaded area), the stock stalled, holding below both this resistance level and a falling trendline (dotted line).
Importantly, Dana established strong support around US$11, which held for nearly three years (dashed line). A brief breakdown occurred in late 2024, but the stock quickly rebounded above the falling trendline, signaling the end of the downtrend (C). This was followed by a pullback toward support (D) and then a higher high that pierced resistance, confirming a breakout and the start of a new uptrend toward higher targets (E).
Currently, there is solid support near US$17–18; only a sustained decline below this level would turn the outlook negative.
Point & Figure measurements provide targets of US$22 and US$25. Higher targets are visible.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com