Versarien
stock (LSE:VRS) has reached at multi-month high at 22.00, and it will go higher
from here, owing to the present price action.
The last
time price reached this supply level was June 2017, after which the market
journeyed downwards slowly and gradually, reaching a low of 13.00.
In
October, further bearish run was rejected as price shot skywards, breaching the
supply level at 22.00 (after moving far above the upper Trendline). The RSI
period 14 is also above the level 50 – even in the overbought region.
There
could be some pullbacks in the market, but Versarien is supposed to go further
north, reaching the supply levels at 24.00, 26.00 and 28.00 within the next
several months.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Trader's Mindset
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