VEEV has never exceeded beyond 7 x ATR% from 50-MA since 2018
$Veeva(VEEV)$ has never exceeded beyond 7 x ATR% from 50-MA since 2018 (7 year ago). It's 5 x ATR% from 50-MA now after barely 2 weeks of consolidation since it's post earnings gap up.
This is a text book flag based setup that many can be lured into, but it's extended based on historical mean. I have failed in a lot of such trades in my past and I can find lots of reason to forgo this idea, always seek reason not to trade.
You also need to coupled with high relative volume and able to execute this trade below 60% LoD to increase your odds, if not it's not worth locking up your capital on such low ADR% name (u need almost 80% more capital than a 4.5% ADR idea to play this, u reduce your flexibility to take on new idea)
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