VeChain Could Head Higher After A Short Pullback
Frano Grgić | Nov 10, 2021 05:43AM ET
VeChain has reached a resistance near the 0.18675 level after forming a bearish pin bar, which suggests that a pullback is likely. The area around 0.18675 has an uptrend resistance line which adds more strength to the resistance.
The chart shows the crab harmonic pattern, formed with a D point close to this resistance. And the potential reversal zone lies around the 0.18675 area.
All these signals show the price could make a retrace before continuing its move up. The first profit target is at 0.1448 level, above the support line, which was a breakpoint for the bulls.
The second target is less likely, at the 0.12060 level. If the price gets to that level, the sentiment could turn bearish. The stop loss is above 0.2000 at 0.2206, which is above the resistance level that impacted the price in the past.
With a risk to reward ratio of 5, this is a decent trading opportunity backed up with trading signals.
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