VRX was highlighted as a potential long-side trade idea by @qlikely in the trading room. My take on the daily chart is:
- A divergent low (positive/bullish divergences in place at the recent low)
- Breakout above the white bullish falling wedge pattern
- Recent breakout & low-level back-test of the primary (yellow) downtrend line.
VRT daily Feb 15th
15.90 appears to be a mild to moderate resistance level on the VRX 60-minute chart, which the stock is currently flirting with. Watching for an impulsive break & one or two 60-minute closes above that level to help firm up the bullish case. As I’m not seeing impulsive buying (sharp move higher on a marked increase in volume), I’m just passing this along as a potential, unofficial trade idea for now. @qlikely’s charts & trading room comments on VRX can be viewed by Gold & free-trial members by clicking here.
VRX 60-minute Feb 15th