Seeing that VEC is in TH until Monday, with a pending announcement in relation to a capital raising and its debt restructuring activities, I thought it opportune to update the chart to see what happened since I posted my chart last and what might happen in the near future. The dominant feature seems to be what looks like a bullish Falling Wedge (blue lines), which has broken north as it should, but hit resistance at 1.3c were the 50 EMA (green line) was running at the time. Without any news fell back to test the breakout line for support. This support kicked in and pushed SP back to 1.2c for the close, with increased volume! BTW the vertical dashed line is what I marked as the critical day for the 90 day Magna credit facility. At this stage it looks as if VEC has made it in time, which would be very good news! Yes I assume the announcement will be positive and will have a SP rise to follow, so the breakout out of the bullish wedge to continue! Possible target to reach based on the wedge breakout, I marked with black dashed lines among the Fibonacci extension, being 15c, which could be seen as the first resistance (orange) as well. Then Fib 100% extension at 1.6c followed by another dashed line at 1.8c, where SP meets the red line the 200 EMA, so there could be a holdup there. This would also be the re-entry into the green rising channel, which dominated the VEC chart for quite some time!
VEC Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
