Support 1: 14.00 Resistance 1: 17.41
Venture Corp is currently heading for a bullish breakout despite the overall range trading mode.
Technicals point to the current falling wedge formation as a strong clue that the stock is heading for a bullish reversal. Should the price breakout, we believe that the momentum will endure. On top of that, the bullish hammer last Tuesday rejects the 88.6% of the total Fibonacci Range and the base of the wedge clearly indicates a strong bullish breakout.
The stochastic oscillator also suggests that the stock has passed its oversold zone when it crossed last week. Both the 200 and 50 SMA has been flattened, also suggesting a change in direction soon.
Red line = 200 periods moving average
Blue line = 50 periods moving average
Green line = 22 periods moving average
Red line = % K Line 3
Blue line = % D Line 3
Periods = 14
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks