Pattern play: Veeva Systems
Jason Lubin December 18, 2020 10:35 AM
Bullish breakout from a descending wedge pattern.
Veeva Systems (VEEV), a supplier of vertical software solutions, broke out to the upside of an intermediate-term falling wedge pattern that began to form in late-October. The RSI is just above 50. The simple moving averages (SMAs) are arranged in a mixed to bullish manner, with the 50-day SMA above the 20-day SMA and the 20-day SMA above the 200-day SMA. If the 20-day SMA crosses to the upside of the 50-day SMA, it would be a bullish signal. If price can manage to hold above the upper trendline of the falling wedge pattern then price will likely advance towards 295.00. If price can get above 295.00 it would probably try to retest the record high of 314.00. If price can break through 314.00, it could potentially continue to run. On the other hand, if price falls below the upper trendline of the pattern, then traders should look to 257.00 for support. If price fails to hold at 257.00, it would be a bearish signal that could hint at a drop back to 240.00.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.