VECO Looking Higher (by Mike Paulenoff)

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In early February, VECO Instruments (VECO) broke above its two-month resistance plateau at 26.40/60, which triggered an intermediate-term upside target zone in the vicinity of 32.00. This "requires" the price structure to climb above its moderately declining exponential 200 DMA, and likely confront its more sharply declining nominal 200 DMA.

The powerful base-like pattern that has developed since the Oct 4 low exhibits the time-span and accumulation properties necessary to propel VECO considerably higher from current levels.

At this juncture, only a decline that breaks and sustains beneath 28.15/00 will indicate that the price structure "needs" another down loop into the 26.80/50 area prior to upside continuation.

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Originally published on MPTrader.com.

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