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VALE Testing top of Ascending Triangle

Long
VALE S.A. (NYSE:VALE)  
buydearsellcheap  
NYSE:VALE   VALE S.A.
Chart Patterns Trend Analysis Triangle
1
0
chartpattern trendanalysis triangle
VALE Is testing the upper bound of a textbook ascending triangle pattern: well-defined boundaries, and decreasing volume. Implied Price Target ca. $26 upon a successful breakout.

If traded through delta (cash), there's a nice 3:1 reward:risk up at the PT with a stop at $21.80 (ca. $1 below resistance).

Reward:Risk Analysis
  • Reward: ca. + $3 (at $26)
  • Risk: ~ ca. $1 (approx. middle of triangle).
  • Reward:Risk : 3:1
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