Hi friends hope you are well and welcome to the new update on Verasity (VRA).
Broke out huge wedge:
On weekly time-frame, since August 2021 up till January 2023 the priceline of VRA was moving inside a very big falling wedge pattern, and finally in the second week of January 2023 it broke out the resistance of this falling wedge and from the low of December 2023 up till Feb 2023 it rallied more than 420%. But got rejected by the long term business of $0.012 dropped almost 67%.
Another falling wedge:
After getting rejected by the long term assistance of $0.012, the priceline of VRA formed another falling wedge pattern, on the same weekly time frame chart. Now finally after 32 weeks it has broken out this falling wedge pattern as well, and surged more than 71%.
Targets:
Now if we take a look at the technical targets for these two breakouts, then the final target for the recent breakout from the smaller falling wedge is at $0.012, and the final technical target for the massive breakout from the previous falling wedge pattern is at the top of the wege that is approximately between 9 cents to 10 cents.
Conclusion:
Since after August 2021, Verasity was in a down trend, on a weekly time frame. But breakout of these two huge wedge patterns, is signaling that VRA is bottomed out, and now the trend has be changed from down to up, and in the long time Verasity can form more higher lows and higher highs.
Broke out huge wedge:
On weekly time-frame, since August 2021 up till January 2023 the priceline of VRA was moving inside a very big falling wedge pattern, and finally in the second week of January 2023 it broke out the resistance of this falling wedge and from the low of December 2023 up till Feb 2023 it rallied more than 420%. But got rejected by the long term business of $0.012 dropped almost 67%.
Another falling wedge:
After getting rejected by the long term assistance of $0.012, the priceline of VRA formed another falling wedge pattern, on the same weekly time frame chart. Now finally after 32 weeks it has broken out this falling wedge pattern as well, and surged more than 71%.
Targets:
Now if we take a look at the technical targets for these two breakouts, then the final target for the recent breakout from the smaller falling wedge is at $0.012, and the final technical target for the massive breakout from the previous falling wedge pattern is at the top of the wege that is approximately between 9 cents to 10 cents.
Conclusion:
Since after August 2021, Verasity was in a down trend, on a weekly time frame. But breakout of these two huge wedge patterns, is signaling that VRA is bottomed out, and now the trend has be changed from down to up, and in the long time Verasity can form more higher lows and higher highs.