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VALE5's Fibbonachi looks horrible!!!! Projection at R$ 3 pretty soon. Who share this ???
So, Vale is in an accumulation phase. Buy low, sell high kind of area. R:R is good - especially for a longer term look.
Just keeping a permanent note on this trade, no further commentary. You may add your own analysis if you want. Stocks are less risky than forex, but beware of consequences if you trade on other's people ideas anyway.
Vale has been in a 4+ year long down trend. The good news is Vale put in a very strong bullish candle two weeks ago on huge volume, the bad news is Vale has followed that up with a reversal candle after failing to take out heavy resistance at the $9 level. Despite these reversal signs, it is possible for Vale to take a bounce to the upper trend channel in the...
Target 9.50 estimated by trend-based fibonacci extension
The chart is clear. RSI is getting strong.
- Vale jumps today from level of previous low despite weak Chinese PMI data (on the heels of oil break out). - Name heavily oversold on Chinese fears, plummeting iron ore prices, Brazil uncertainties, etc., selling might be overdone. - Deeply undervalued even with depressed circumstances taken into account. - High risk idea as many part of the equation of Vale is...
There are a lot of fundamentals together with this trade. VALE is deeply connected to china, which faces slow industry growth rates right now, plus the brazilian market is getting frozen with the recent political events, new fiscal rates, etc. I'd expect a 20% value loss, so shorting all the way. Safe trading!
Considering the key fibonacci retracement plus volatility indicators, there's a huge volume pressure on VALE right now, it's been looking for a bottom for some months and its also showing some signals of trend reversal, I'd consider a long position for the next few weeks to see where it goes (Hopefully, a little bit up) We will probably see the result in the next...
VALE has completed an AB=CD pattern to the bottom of the trading channel trend line. Its forming a double bottom and the MACD is crossing over. Going long here.