It was disappointing that the 21.90 lateral support didnt hold, but I held onto my positions as the significant weekly 20.80 support was still in tact. As long as we remain above 20.80 the set-up remains bullish and could potentially be building up to form an inverse head and shoulder which will be confirmed with a break above 23.50. I continue to hold
We have been keeping an eye on this potential continuation rectangle for a while. The break out of the downward channel is bullish and I will further add to my current holdings. There is resistance at 23.35, but above there we could see a significant break higher. But for now... taking it level by level
Technically the ETF is still consolidating within a continuation rectangle between 22 and 23.50 = bullish for holders. I will only look to cut my holdings below 22. One can look to add above 23.50, or wait for bottom of the rectangle hoping the support will hold? or potentially we also see a bounce here off the bottom of the channel. I am happy to continue...
I was hoping VAPX would follow VGER and VHYL as they had similar patterns, but there has been a lack of follow through. I will continue to hold my positions whilst above 21.95 - but will look to exit below as a daily close below that red lateral support will trigger a double top.
I identified the similar bull flag pattern on VHYL and VGER and I started buying in around 22 (red zone) in anticipation that VAPX would follow suit. So far so good and we have got our confirmed break and re-test. I will use this confirmation to add to my position further - targeting 24.18