Just about 2 weeks back, we spotted Valuetronics approaching the 0.70 resistance level…
It has been trading below this level since March this year so any bullish move above can be something interesting..
All this while, it has been consolidating from 0.60 to 0.70 and not much of a direction but 2 weeks back,
We started seeing something interesting…
Buyers seems to be willing to break the key resistance and short term moving averages also were looking positive..
Hence some target were drawn to 0.85 as seen….
Indeed, we started to push higher over the next few days and tested the 0.80 resistance too..
Went to a high of 0.81 before some profit taking…
Looking at a 12.5% gain from when first covered around 0.70 so any profit taking is normal..
Sellers were out to defend this 0.800 level which is where it is consolidating below for now…
Over the past week, we are seeing it trade back down towards 0.75 – 0.76 which was the resistance it broke up from too..
This is likely the support for now with buyers keen to defend this level as seen from the candles..
Might continue to consolidate from 0.75 to 0.80 for the time being before we see more direction..
Meanwhile, trend indicators are still slowly shaping out to be more bullish…
Will be monitoring for more bullish price actions at 0.80 to see our target at 0.85 on tracked..
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