Star performer in my portfolio - VEEV has a technical chart
Price Update (17 Mar 2024 - reference weekly chart)
- Above weekly MA50
- Is testing the resistance level of breakout of the accumulation range (164 to 232)
- It could fail the test of breakout this time and will depend on where it pulls back to
- If it stays above mid point of accumulation range (199), bullish future remains
- Weekly Chart - MA5 and MA20 are above MA50
Bull Case
- Break 232 enroute to 267 (has to stay above 232
- Failing the breakout, getting back into range, it must stay above 199 but importantly to note how it handles the 2 fib golden level of 208 and 192
- If pullback stays above 192, then Fib extension points to 267 as a possible target
Bear Case
- Breaks below 232 and remains in range and need to build momentum for another push for break
- Possibly down to 164/165
My plays
- Had nibbled a good base at 170
- Will nibble more if price action remains between 232 down to 199
Good luck, all
VEEV Weekly Chart - 17 Mar 2024
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