Technical outlook – Dexus Prop (DXS, formerly Dexus Property Group) potential holds to a falling wedge.
When talking about a “falling wedges,” they are viewed as useful reversal patterns that often uncover potential trading opportunities.
Falling wedge patterns can be found in both uptrends and downtrends, but taking notice of the prevailing trend will help you determine whether the falling wedge signals a continuation pattern or a reversal pattern.
The falling wedge pattern is a contracting trading range with a downward tilt.
Combined this with the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) pattern, currently holding to a positive bias, supports the upside call.
A break above $9.20 should ignite the bull-run to a potential target $10.75.
Company Overview – Dexus Prop (DXS, formerly Dexus Property Group) is an Australian real estate groups focusing on owning, managing and developing office, industrial and retail properties.
DXS’s areas of operation include direct property portfolio which directly invests in Australian office and industrial properties; and third party fund management which manages office, industrial and retail properties located in Australian markets. Former Names: DB RREEF Trust (DRT), 22/02/2008; Dexus Property Group (DXS), 08/05/2017.