Technical outlook – We touched upon this stock last year in April when the Japanese Candlestick posted an “Inverted Hammer” from the $0.10-15 area, which indicated a potential target of $0.50-55.
With the designated target reached, now examining the technical structure of Deep Yellow Limited (DYL), we have noticed that there are many positive takeaways from the broader technical pattern (weekly), or more to the point the primary assessment (trend).
Based on the leading indicators, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) pattern, we believe this share is likely to experience bullish momentum ignite a move towards the recent contested near six-year highs of $0.78-80.
We should not discount the upside move from the broader assessment has a potential trajectory of $1.00-10, with scope to $1.20-25. Reassess from there.
Company Overview – Deep Yellow Limited (DYL) is a uranium exploration company with operations in Namibia.
Company has 100% owned Reptile Project and the adjacent Nova Joint Venture Project in Namibia.