Technical Pulse: Venture Corporation Ltd May 15, 2019 610

Current Sentiment: Neutral

Support 1: 13.20                     Resistance 1: 26.27

Support 2: 16.00                    

Venture’s has finally seen some lights at the end of the tunnel after finding support at 61.8% of the Fibonacci. Although the current technical trend is now in a range environment, we believe that market will continue to rally as the current technical factors all are pointing to a favourable bullish conditions.

  • Market closes above the 61.8% of the Fibonacci on the 14th of may 2019.
  • Strong area of demand confluence with 61.8% of the Fibonacci retracement, a traditional area which price will have huge movement after a corrective dip.
  • Stochasticis is heading in the oversold zone and once the lines crosses up, it will be a sign of an upward movement.

*Should the market rally thereafter, traders should be cautious as the rally may be short lived. The reason is because the market is presented in a way that it will have a deeper correction into the demand zone at 78.6% retracement level. However, should the market breaks the 17.00 immediate supply zone, then the market will rallied toward 19.00 straight up.  

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