TomNewYork

VHC Counter Trade Setup

Long
BATS:VHC   VirnetX Holding Corp
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2
VHC has recently had a devastating decline that puts RSI at a near record low.

BAT fib pattern complete at recent lows. Price currently consolidating in decending triangle.
Break north out of decending triangle possible first sign of automatic upside rally.

This setup is a counter trend trade and will work only if KEY Support level holds.

Stop Loss in the range of 4%.

Despite heavy sell off support level is very key going back several years.

VHC has shown the capability to get reactionary bounces after 3 to 4 days of consolidation (after a heavy sell off).

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