After attempting to breakout over 23$ finally after 3months of consolidation , Vale was rejected with a gap below and close below 50ma. Added to to that bad setup is
shaven head candle stick
Increase in selling volume
A close outside of uptrend for the first time since last Nov.
Conformation would be a drop below 100ma at 20.56 and close.
Target is a place of heavy support around 18.10.
They still have a gap to close around 17.50
OBV ,MFI, Macd All bearish on both weekly and daily time frames
shaven head candle stick
Increase in selling volume
A close outside of uptrend for the first time since last Nov.
Conformation would be a drop below 100ma at 20.56 and close.
Target is a place of heavy support around 18.10.
They still have a gap to close around 17.50
OBV ,MFI, Macd All bearish on both weekly and daily time frames
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.