VALE H&S Formation
After a nice uptrend, Vale has stalled and formed a pattern. Notice the on the uptrend to the “head”, increasing right? But notice after the hit support for the second time (after forming the head) the second shoulder move up is rather mixed. tells us a little bit more on moves up rather than moves down. You don’t need increasing for a move down, it’s nice and supports the argument, but it’s not necessary.
Wait to buy until the moves below the blue support line with decent but more importantly ending the day near or at its daily low (shaven bottom). like to consolidate for a few days before moving down on patterns like this, so i would wait to see if the remains around the same price but & indicators move higher.
Next major support is at the $8.00 mark (38.2% retrace), with a drop through that finding support at $7.50 then just below $7.00.
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