VED breakout! On course for a new high | Michael Gable | Finance News Network

VED breakout! On course for a new high

by Michael Gable

After breaking the downtrend in August and punching through strong resistance around $2.10, VED rallied strongly on the back of a better than expected full year result. Since peaking in September, the stock has pulled back but in a very corrective manner which means that it is still looking bullish. By congesting under the March peak, VED is just using up some time now to get ready to push through to a new high. We were looking to see if it may possibly get as low as the $2.10 area again, but a breakout from this flag formation is now telling us that it will resume heading higher and it should now push on to new highs.

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