VEEV fell from a rising narrowing wedge and appears to be recovering with some price consolidation noted. Earnings coming up on September 1st. VEEV has broken long entry level and experienced a throwback. A throwback differs from a pull back and can hurt performance. Pull backs are often considered healthier than throwbacks. A throwback occurs after a break of long entry level for a chart pattern when price moves up at a fairly rapid pace after breaking long entry level.. Price then falters and falls back to long entry level or below within a month and are common, just not ideal. The rising wedge is possibly the culprit plus market conditions as well I suppose. Price is now under long entry level again.
Cup high on the left side, which is original cup high before the throwback, is 325.54 and cup low is 235.74. Cup depth is 325.54 - 235.74 = 89.80. There is support at handle low (HL) and at mid cup. There is also a pocket pivot under price. Targets are calculated using cup depth and fib level and added to long entry level.
The moving averages are in place and in chronological order with the 20 on top, blue. Price is under the 20 however and the 50 SMA is even with price. Many would prefer price being over the 50 SMA and the 20 SMA.
A line of red candles noted exhibiting strong selling pressure after falling from the rising wedge with a spinning top at the top. Sometimes a lot of red in a strong stock can signal a flush out of sellers, but not always. When selling exhausts, buyers often appear. A spinning top is a candle of indecision.
No recommendation.
Negative volume is high on this one. Short interest is 1.4%. Earnings are 9-1 AMC.
Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva Andi, Veeva OpenData, Veeva Link, Veeva Network Customer Master, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Doctors; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety. It also provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.
Cup high on the left side, which is original cup high before the throwback, is 325.54 and cup low is 235.74. Cup depth is 325.54 - 235.74 = 89.80. There is support at handle low (HL) and at mid cup. There is also a pocket pivot under price. Targets are calculated using cup depth and fib level and added to long entry level.
The moving averages are in place and in chronological order with the 20 on top, blue. Price is under the 20 however and the 50 SMA is even with price. Many would prefer price being over the 50 SMA and the 20 SMA.
A line of red candles noted exhibiting strong selling pressure after falling from the rising wedge with a spinning top at the top. Sometimes a lot of red in a strong stock can signal a flush out of sellers, but not always. When selling exhausts, buyers often appear. A spinning top is a candle of indecision.
No recommendation.
Negative volume is high on this one. Short interest is 1.4%. Earnings are 9-1 AMC.
Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva Andi, Veeva OpenData, Veeva Link, Veeva Network Customer Master, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Doctors; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety. It also provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.