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.


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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