Weekly Chart of VTS analysed taking a medium to long term view.
Another TRADING RANGE ( Congestion area) with the VTS.ASX . Please visit Vanguard Australia Website for further information on VTS.ASX.
Link below, hopefully I did insert it correctly.
Clear support and resistance zones as marked on the chart defining the boundaries of the trading range that VTS has been in. Resistance zone between $150 – $155 and Support zone $130 – $135.
It had been a star performer this beast to say the least. What strikes me is the largest reaction ( pullback/correction) within it’s major uptrend is now halted. See the violated Green dashed short term trend line. This suggests a further rangebound price action behaviour over the coming weeks may be on the horizon with VTS.
As always, resolution of the pattern would tell us the next likely direction of the move which may be a while away. Let’s see how things may unfold again with VTS after the up coming US presidential election ? Another continuation pattern in the direction of it’s prior major trend which is still UP.
I would not be surprised to see a new up leg with VTS which may be in the magnitude of 38 to 50% from it’s lowest low that we are likely to see between now and the up coming US election. Regardless of who wins the race.
For now, stuck in a trading range and must be treated that way until proven otherwise.
Weekly VTS Chart below.
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