After spending the better part of the past seven months carving-out a potential rounding bottom, Veritone Inc . NASDAQ:VERI, released in mid-May on meaningful and in the process, recaptured its 200 DMA and now finds itself perched comfortably above all of its important moving averages (20/50/200), depicting a technically healthy posture.
In addition, we can also observe from the above that the 20 DMA has crossed-up through its 200 DMA with the 50 DMA about to follow.
While congestion; potential short-term resistance can be found in the $10 - $11 zone from last Summer, early Fall, it appears that VERI may very well likely have its sights set on the gap created from last August.
Thus, moving forward, both investors/traders may want to continue to monitor the action closely for if VERI can go topside of the 10.85 level at any time in the days/weeks ahead, such development may just suggest intentions of going after the gap located in the $12 - $14 area.
Nevertheless, while further work remains, VERI finds itself in a favorable technical posture exhibiting decent characteristics and traders may want to keep a close eye on the action moving forward.
Cut losses and let winners run.