venture has been on a downtrend mode after hitting the high of $8.65 on the 20th Nov 2015 and continued to head lower to touch $7.65 on 18th Jan 2016.
It has managed to bounce off from the low of $7.65 and move up to test $8.04 on 5th Feb 2016 but was not able to hold up well and eventually has succumbed to the selling pressure and had again experiencing going lower to touch $7.74 on 12th Feb 2016. This is generally rather bearish.
The current price of $7.80 is hovering slightly below both 14SMA & 25SMA lines which is rather negative.
Also both MACD & RSI are showing sign of a negative divergence which may provide further indication that the share price may continue to head lower to re-test previous low of $7.65.
Breaking down of $7.65 may see it continue to head lower towards $7.60 with extension to $7.32.
(trade base on your own decision)
so now that it has climb back to $8 what's next?
ReplyDeleteon 22nd Feb it had a nice thrust bar with high volume and closed higher at $8.12. With this strong rebounce it had manged to reverse this downtrend and head higher. A second breakout of $8.13 on 26th Feb and closed high at $8.22 This further confirm the short term uptrend mode is intact.
DeleteThink you are already into profits. Congrats!
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