There is price above the falling channel, let's look for a second close above this channel. Pay attention to the wedge resistance on the daily time frame.
VET like OXY is showing a great chart with consistent price action.
Fundamentally, it has had great earnings reports in the past year.
It rates an 8/8 on the Minervini Trend scale showing strength and duration of trend
as very high. Vermillon Energy has been strong in the general market downturn.
I see this as a Swing long setup with a good expectant reward...
on the break of this trend we can see a rally to 30+, rejection will lead to downside to 16-20 area.
long trigger 27.49 / short trigger 22.42 (break of pivot area)
Cup and handle (or Cup without handle) are continuation patterns (of the prior trend). VET was in an uptrend before it went into a 3 month consolidation forming a "Cup" pattern. It finally broke above the neckline yesterday on STRONG volume (strong volume breaks tend to be more sustainable).
Expecting near term target around 29.80 +/- with initial stop loss...
breaking this small bearish downtrend channel, good risk reward if we use the break back into same channel as our stop loss.
targeting 20.30-21.55-22.7 in the short term
Nice technical set up and bullish PUT sweeps at the bid to support, interesting one trader opened 12/16 22.5 puts for about 310K in premium.... stock is trading at 21.95 implying strong upside move .
For the more conservative, can wait for pennant / triangle breakout to go long / short, depending on direction.
My bias is to the upside and am long here with a...
Another canadian ressources stock pointing its nose up on the weekly chart.
Not confirmed still. Has not broken through 11$ resistance just yet.
Watching for next week.
If confirmed:
Price target = 22.09$
Stay humble, have fun, make money!
