Strategy:
Traders can look to buy between S$14.50 – S$14.70 with a stop loss at S$14.30. The 1st target price will be S$15.70 and the 2nd target price at S$16.70. 3rd target price at S$17.80.
Technical snapshot:
Venture Corp’s downside pressure may come to a halt after the price action and volume shows potential exhaustion and may see a short-term reversion to the upside:
- Venture is supported at S$14.69 support after a weaker than expected sell-off. Volume was seen spiking on 30 June and 6 July, supporting the narrative of bearish exhaustion.
- The bullish marobozu candle is indicative of a strong bullish buying interest.
- DM- of the directional movement index saw consecutive lower highs, indicating weakening of the bearish move
- MACD histogram though is below the zero line, it is rising and forming a divergence.