lucky_human_foot

Vale is breaking out

Long
BATS:VALE   VALE S.A
268 views
1
In the short run it is overbought with an RSI over 73

However in the long run it looks like it is breaking out of a long downtrend and I see it reaching 22-23 next year.

Fundamentals are really good as P/E of 8.65 with earnings way below its longterm average.

The China slowdown has been priced in by far.

I will start a long position next time RSI looks attractive on the daily chart .

Comments

I think now could be a buy opportunity as it is touching a long term bottom
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Next time it touches that lower trendline will probably be a good time to buy.
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I think so too and will open a position on the next dip
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