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Descartes Systems Group Inc. three-year chart

The three-year chart reveals a breach of the uptrend that started in December of 2013. DSG had been range bound through most of 2012 with support at $8.00 and resistance at $9.00. The shares reached a 52-week high of $17.02 by March of 2014 for close to a double on the move bottom to top. A recent report by analyst Blair Abernathy from Cantor Fitzgerald Canada suggests that SAP could acquire DSG to consolidate the logistics vertical. Nice if it happens, but until it does we have to focus on what the charts are telling us.

Currently the stock is in a pullback that has to be respected. The shares have caught a bounce off the 200-day moving average but there is lots of work that needs to be done to ignite a new up leg.

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