Vitamin Shoppe Rallies
VSI has rallied quite a bit over the past few days. It has shown quite strong momentum and continues to test the upper bound of the Kovach Reversals Indicator. This plus the fact that it has almost doubled in value suggests that we should definitely wait for a retracement before considering taking a long position. Also, consider taking profits as a retracement is due.
Both the Kovach Chande and the Kovach OBV are very strongly bullish, wish also supports the fact that a retracement is near. Finally, present levels correspond with a very strong level which also overlaps with a Fibonacci level at $12.95. If we can break through this level, it should be able to cross the vacuum zone to $18.45.
If it is unable to break through current levels, it will have support at $11.05, also a Fibonacci level, and then at $8.60, which it seems less likely to test.
Both the Kovach Chande and the Kovach OBV are very strongly bullish, wish also supports the fact that a retracement is near. Finally, present levels correspond with a very strong level which also overlaps with a Fibonacci level at $12.95. If we can break through this level, it should be able to cross the vacuum zone to $18.45.
If it is unable to break through current levels, it will have support at $11.05, also a Fibonacci level, and then at $8.60, which it seems less likely to test.
Join my discord at discord.io/quantguy
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.