HaseebKhan_90

VEEV ready for another attempt to break out of a 16 month range?

Long
NYSE:VEEV   Veeva Systems Inc
* Perfect earnings
* Very strong up trend
* High 3-month relative strength in the Tech sector
* Offering a pocket pivot entry near the resistance of a 16 month base
* Looking at the monthly chart, the price used roughly the mid of that range ($279.39) as support before its previous attempt to break out.
* Last month it used $279.39 as support again before moving higher.
* The price is very close to its 10EMA on both the monthly and weekly charts indicating it's ready to move higher
* Price and volume both in sync during the descending triangle consolidation indicated in white

Trade Idea:
* You can enter now as the increase in volume shows institutional interest
* It's also offering a very attractive risk/reward ratio
* If you're looking for a discount , you can look for buying opportunities near the $311.61 area (bottom of the descending triangle
* The longer the base, the higher into space :p

Caution:
* This is a pocket pivot signal and though there's little to no overhead resistance, the price might not break out.
* A daily close below the base of the descending triangle would negate this idea.

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