Doordash gathers positive momentum - Analysis - 08-08-2022

DoorDash's stock (DASH) declined in the intraday levels after reporting growth in the second quarter while food deliveries ongoing despite economic uncertainty, however the loss was worse than expected, with the stock declining 1.32%, or 1.07 points, settling at 80.29, with trading volumes surpassing 18.3 million shares, above 10-day averages of 6.7 million shares.

The upward correctional short-term wave dominates, buoyed by trading above the 50-day SMA, with positive signals from the RSI despite reaching overbought levels, amid attempts to gather momentum quickly to rise anew. 

Therefore we expect the stock to return higher, targeting the resistance of 105.88, provided it settles above 76.00.

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Expected trend for today: Bullish