Hi everyone
VET has broken the uptrend channel on June 15th, but made a comeback later that day. Since then it has been trading near the support line and tested it for a few times (green box).
As we can see from the RSI indicator, the market was in the overbought area. Each time VET was above 80 points, a strong decline occured and price fell.
I believe that we are in the same situation now, the trend line will not hold, the RSI just exited the overbought area and is on its way down. Imo, VET will retest the strong support, bounce off and head towards.
VET has broken the uptrend channel on June 15th, but made a comeback later that day. Since then it has been trading near the support line and tested it for a few times (green box).
As we can see from the RSI indicator, the market was in the overbought area. Each time VET was above 80 points, a strong decline occured and price fell.
I believe that we are in the same situation now, the trend line will not hold, the RSI just exited the overbought area and is on its way down. Imo, VET will retest the strong support, bounce off and head towards.