VMC pullback into support level offers long entry into uptrend
1) MACD is at a level which corresponds with 2 previous lows made (marked by the horizontal blue lines)
2) Uptrending trendline support is validated with 4 points having respected it.
3) Horizontal structure support also has the potential to be validated here (the previous higher high).
4) Series of higher highs and higher lows means VMC should only be traded with a long bias.
5) The volume of the pullback has largely been below the 20 day moving average and therefore should be faded
As always DYOR
2) Uptrending trendline support is validated with 4 points having respected it.
3) Horizontal structure support also has the potential to be validated here (the previous higher high).
4) Series of higher highs and higher lows means VMC should only be traded with a long bias.
5) The volume of the pullback has largely been below the 20 day moving average and therefore should be faded
As always DYOR
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.