VASCONEQ: Combining Rounding Bottom with Time CycleOct 06, 2023
We published the following research on VASCONEQ pre-market on 5th October 2023 in "The Financial Waves Short Term Update” which our subscribers receive pre-market every day. Recently this stock has managed to hold its gain and gave more than 11% returns in less a just a two days.
Using price action along with Time Cycle we can predict price moves in stock with high accuracy. Check out how we recently identified one such breakout in VASCONEQ . We recommended this stock when it was trading near the 65.95 levels and was successfully able to catch the up move.
VASCONEQ Daily chart Anticipated as on 05th October 2023Wave analysis as on 05TH September 2023
VASCONEQ has been moving higher recently and intact in strong uptrend. In the previous session it closed with a gain of 6.80%.
On the daily chart, in the previous session prices formed a bullish candle. Price has close above 65.70 level which confirm breakout of the rounding bottom pattern. MACD is above 0 and MACD line crossed above the MACD signal line which indicates that bullish momentum has increased in this stock and may continue in the coming session.
In short, trend for this stock is positive. Use dips towards 64.50-65 as a buying opportunity for a move towards 71-72 levels as long as 62 holds on the downside.
VASCONEQ Daily Happened as on 06th October 2023Happened:
VASCONEQ moved as expected. Prices not only achieved our target of 71-72 but moved higher and made a high of 74.45. We have been able to capture a move of more than 11% in two trading sessions with the help of simple price pattern and Time cycle. We have plotted 38 period Time cycle in which it has captured almost all the important lows and recent low made near 50.5 levels which was captured by our cycle and since then stock has shown an exceptionally well rally.
Price action supported the trend and as a result we saw a sharp rally in VASCONEQ. For now, we can expect this rally to continue. One should avoid catching tops and use dips to ride the trend.
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