VET analyse 15/10/2020

Weekly chart

By now we are another week further than the previous analysis on VET. As expected we went towards the yellow zone and last week we put down a candle that shows that the bulls did their best to get the price up. This can be seen by the huge wick under the candle which ended up in the golden pocket on the ema55. The ema8 and 21 haven't crossed bearishly yet but have come closer to each other again. The rsi keeps moving around the center line and descends very slightly. Would this be the end of the descent? Let's zoom in further.

https://www.tradingview.com/x/GIMRkE0g/

Daily chart

https://www.tradingview.com/x/Uat9VoZg/ 

Last week there has been a small upswing on the day graph indd however VET has not been able to reach the upper trend line but has been rejected hard by the ema200 and we move between this resistance and the support zone in the block marked in red. This support block is marked on the 4h. The rsi also has a hard time with it. The whole week the rsi is swapping places with the ema. The rsi doesn't know how to climb any further either, but keeps moving horizontally below the center line.

4H chart

https://www.tradingview.com/x/EJ1wMSRC/ 

Here we are in a bull flag and currently under the red outlined resistance block. The ema's are pretty bearish and also the rsi is under the ema and middle line. Looking at the candles you will expect a bearish rejection on the block but the rsi wants to break the ema bullish. The volume is still decreasing. Let's also take the 1h because the action seems to come on the lower timeframe.

1h chart

https://www.tradingview.com/x/pdkCfHbS/

The 1 hour chart confirms our thoughts, we have seen a careful structure break after which we have seen a golden pocket retrace. The ema's are also very bearish and the rsi has just plunged below the middle line again and is now in a fight with the ema. I can't help but conclude that the course has to drop a bit before we can look up again. However, we also have to take into account a bullish scenario. The red resistance block is at the moment the level I want to see flipped to become slightly bullish and in case of an outbreak from the falling wedge it would confirm for me that we are out of the retrace and can start looking up.

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