Possible Head and Shoulders top. VEEV appears to be testing the water at the neckline, maybe too cold there for now..
Pattern is not valid until neckline is broken in a confirmed downtrend..
The neckline is at 255.60 which is usually a level of strong support. That is why price has to break this level in order for a reversal to ensue...It is not easy for a stock that has been trending up for so long to turn around and go down..
Trends do not change quickly as a rule. Usually what we end up seeing is a break in the trend or a significant pause where price goes back to lower levels only to resume it's prior uptrend..
A trend is like trying to stop a huge steam ship cruising through the ocean. It can not just stop on a dime and turn around. There could be gasps of price rallies up or it may never break the neckline, regain strength and go back up again. This pattern is just a warning to keep an eye on business (o:
Possible targets down if, and only IF, price breaks below neckline in a confirmed downtrend..
219.5 210
181.5 161.5
Possible stop 270.3
Not a recommendation/just an observation/very bullish stock so may never cross neckline/remains to be seen
. Have you ever wondered why it is so hard for a stock to get off the bottom? This one is not to the bottom by a long shot but has had a significant pull back. When a stock pulls back deeply, there is supply left overhead. Perhaps there are some folks who got stuck and are looking for a place to sell because they are experiencing financial pain. Often, the deeper it pulls back the more supply left overhead, so every time there is a rally up, it comes back down again due to folks selling one each rally to ease the financial loss they feel they have experienced or the psychological burden of not selling when they feel they should have sold.
All I can do is have a plan so it is not me stuck up there..
One theory is all (o:
Pattern is not valid until neckline is broken in a confirmed downtrend..
The neckline is at 255.60 which is usually a level of strong support. That is why price has to break this level in order for a reversal to ensue...It is not easy for a stock that has been trending up for so long to turn around and go down..
Trends do not change quickly as a rule. Usually what we end up seeing is a break in the trend or a significant pause where price goes back to lower levels only to resume it's prior uptrend..
A trend is like trying to stop a huge steam ship cruising through the ocean. It can not just stop on a dime and turn around. There could be gasps of price rallies up or it may never break the neckline, regain strength and go back up again. This pattern is just a warning to keep an eye on business (o:
Possible targets down if, and only IF, price breaks below neckline in a confirmed downtrend..
219.5 210
181.5 161.5
Possible stop 270.3
Not a recommendation/just an observation/very bullish stock so may never cross neckline/remains to be seen
. Have you ever wondered why it is so hard for a stock to get off the bottom? This one is not to the bottom by a long shot but has had a significant pull back. When a stock pulls back deeply, there is supply left overhead. Perhaps there are some folks who got stuck and are looking for a place to sell because they are experiencing financial pain. Often, the deeper it pulls back the more supply left overhead, so every time there is a rally up, it comes back down again due to folks selling one each rally to ease the financial loss they feel they have experienced or the psychological burden of not selling when they feel they should have sold.
All I can do is have a plan so it is not me stuck up there..
One theory is all (o: