I already discussed Vechain Thor’s price movements at length in the previous articles: -
, and in its sequel: -
Here is a very quick recap:
In 1 (see MACD Region of the graph), we had a bullish triangle break-out accompanied by a golden cross in the MACD and a similar bull cross in the Stochastic Momentum Index ("SMI"). Other interesting indicators providing more convincing of a pending bull break-out at that time were the Chande Momentum Oscillator, and the Relative Strength Index. All that made the number 1 bull break-out on December 13th:
Weeks later, +- on the 24th of January, we saw the opposite: a trend reversal preceded by a Heikin Ashi doji, and accompanied by a death cross in the MACD in 2, and negative sentiment in the "SMI". Consequently, this moment can be highlighted as the bear break-out (number 2).
I then warned for the buy the rumour sell the news phenomenon, an event that subsequently took place on the rebranding day of VEN to VET, on the 26th of February – in 3.
I highlighted the divergence between price and Chande Momentum Oscillator somewhat later, which preceded a bullish triangle break-out, although short-lived, in 4. I also called that moment to be the next big BUY moment, but I was a little bit too early with my prediction. The MACD was indeed headed for a bullish cross, but due to the negative market sentiment first had to take one more leg down (albeit relatively limited).
Conclusion - TODAY: However, if we look at 6 today, we see that we have practically everything that makes for a good recipe for bull-cake. --> We have the MACD finally inclining upward with blue above red and just after a bull cross. --> We have positive sentiment in the Stochastic Momentum Index, --> we have a break-out of the negative trend channel that has been holding VEN hostage ever since the Bear break-out on January 24th. --> And we seem to have a decent support at the 61,8% Fibonacci retracement level. Currently we are flirting with the first 23,6% target level (see 7) after which we could head further towards 8. --> Even if we bought in 4, we had ourselves a nice upward move where we could've taken profits, or we could've stayed in our position in the assumption we already had the big buy moment, which would mean a temporary & small loss position, that has already turned positive in the meanwhile!
So, hereby I would like to correct the “True Buy moments” for Vechain a little, by moving that moment from 4 to 6 (first of April), which is just before the triangle and negative trend channel break-out, and which has all the required indicators going for it.