Venture Corp Ltd (SGX: V03) technical shows that the stock is currently ranging since last August 2020. However, as prices starts to show bullish technical signal recently, the stock is poised to end it prolong ranging period:

1. Venture resistance zone at $20.75-$21.17 has been tested multiple time and in the process, the resistance is believed to be weaken.
2. The recent shortfall rebound whereby a morning star formation was formed at the Fibonacci retracement level of 38.2% of $18.90-$20.78. Signalling the bull is ready to emerge.
3. Short-term bullish crossover can be found after the 22-day moving average crossed above the 50-day moving average. Also, prices have started to trend above all three major moving averages.

*Timeline of the trade is 6 weeks from the date issued.

*Should prices fails to break the resistance zone with a strong closure, there is a possibility of a false breakout and should that happen, the stock is likely to revert to the support zone at $19.40 region.

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving Average

Blue dotted line = 50 periods Moving Average

Green dotted line = 22 periods Moving Average