The VET price had been observed in a horizontal re-accumulation trading range from Jan 22, 2022 to Mar 27, 2022. The VET price exited this re-accumulation trading range with the SOS rally.
I will make a long entry at the BU/LPS event (around $0.07) and take profit around the next resistance cluster around $0.10. The upper and lower boundaries of the re-accumulation trading range are given by the horizontal black lines.
Blue arrows mark volume spikes.
Wyckoff abbreviations: automatic rally (AR), change of character (CHoCH), sign of weakness (SOW), failed upthrust (FUT), selling climax (SC), sign of strength (SOS), back up (BU), last point of supply (LPS).
This is not financial advice. I am not your financial advisor. This is my opinion.
I will make a long entry at the BU/LPS event (around $0.07) and take profit around the next resistance cluster around $0.10. The upper and lower boundaries of the re-accumulation trading range are given by the horizontal black lines.
Blue arrows mark volume spikes.
Wyckoff abbreviations: automatic rally (AR), change of character (CHoCH), sign of weakness (SOW), failed upthrust (FUT), selling climax (SC), sign of strength (SOS), back up (BU), last point of supply (LPS).
This is not financial advice. I am not your financial advisor. This is my opinion.
Comment:
For more on VET please see this publication.
Trade active:
Limit order filled at $0.07248
Comment:
This trade is still active. The price action has played out as expected. We observed a BU/LPS, which is a great spot to enter or add to your position, then upward price movement to the next resistance cluster. Resistance clusters are illustrated by the pink shaded rectangles in the chart. My take profit target remains $0.10.
Comment:
Thus far, VET has not been able to maintain its price above the resistance cluster. We should be open to the possibility that VET will be entering a horizontal trading range. Let's keep an eye on this and trade it accordingly.
