VET - Maybe the Bottom
VET has returned to its lowest PA since it climbed above this level last July and before that, it past up thru $0.07 last March when it ascended to its ATH in April. It’s also well below the parallel channel I outlined in my “VET - Future Projection Series” I posted 01Nov21, which means to me its way under valued.
The long term RSI, 1m & 1w both show divergences which clearly showed the “TOP” in Nov confirming a downtrend since. However, timeframes both recently show not so much a trend change as a possible levelling off of the PA. The 8h RSI formed a nice bottom “V” today as a matter of fact, which hopefully means VET has found its bottom PA.
Looking at the 4h chart the PA recently descended back into a range market it had bounced in and out of last week. The last 6 days of descending PA has formed a descending wedge. The upper trend line of this wedge is actually the trend line along the “highs” since 09Nov21, making this is a really important trend line. In addition to all this, PA is just below the 20ma, a little below the 50ma and well below the 200ma.
If PA bounces up out of the descending wedge, it would take it above the range market, which would take it above the longterm trend line. We could be seeing an end to VET’s down trend.
A momentous moment indeed.
My thoughts, not advice Oklah. Cheers
The long term RSI, 1m & 1w both show divergences which clearly showed the “TOP” in Nov confirming a downtrend since. However, timeframes both recently show not so much a trend change as a possible levelling off of the PA. The 8h RSI formed a nice bottom “V” today as a matter of fact, which hopefully means VET has found its bottom PA.
Looking at the 4h chart the PA recently descended back into a range market it had bounced in and out of last week. The last 6 days of descending PA has formed a descending wedge. The upper trend line of this wedge is actually the trend line along the “highs” since 09Nov21, making this is a really important trend line. In addition to all this, PA is just below the 20ma, a little below the 50ma and well below the 200ma.
If PA bounces up out of the descending wedge, it would take it above the range market, which would take it above the longterm trend line. We could be seeing an end to VET’s down trend.
A momentous moment indeed.
My thoughts, not advice Oklah. Cheers
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.