Dresser Rand (DRC) is a short. April 29th hit an all time high of $55.88 (55 7/8) and yet also hit an intra-day low of $51.67. High came first. That could be referred to as a bull trap. Or...exhaustion. Broke the potent $50 round number on May 3rd. Chart would suggest finding support at $42 Point & figure count suggests $38 Presently $47 1/4 Oh, Dresser doesn't "have" those abundant Ingersol Rand air compressers, just dark orange metal cheaper..........oops, I mean less expensive than CAT or Deere.
Hit 45.56 (45 5/8) this morning. Presently 46.37 (46 3/8) Yeah, I know, 4 days is a "long" time. Psst, 60 days is ever longer.
Oh oh, counter-move. Across the board, but TRIN is 1.03. Weak volumewise. DRC presently, $47.80 Trend's still down.
Proved wrong (again). Covered when it pierced $50. Closed at $51.67. Appears the ax replenished his inventory in the high 40's. That isn't necesarily bullish now.