Vulcan Energy Resources (ASX: VUL)Vulcan Energy Resources...

Vulcan Energy Resources (ASX: VUL)Vulcan Energy Resources (ASX-VUL) chart 23 May 2024Vulcan Energy Resources chartThis is an interesting example of a more progressed uptrend turnaround setup. Its like a potential fast-forward into the future for the AUC chart (I emphasise the word “potential” here!).VUL first became a turnaround setup in mid-April - early-May when it started printing points of demand (troughs) in the long term uptrend ribbon.This is a great case study because it demonstrates how the process of long term uptrend transition can take some time to play out.Importantly, before it began to interreact with the long term trend ribbon, the VUL short term uptrend became well-established, and rising peaks and rising troughs became the norm – not the exception.Increasing volume through the transition phase is common and necessary – again, it represents increasing interest and supply-removal (if you want to get rid of the dead-wood supply stuck in these failed stocks – you must trade with them – and that means volume!).The long white candles on 10 and 11 April were the key to drawing this one to my attention as a turnaround setup – they are excellent showings of excess demand. The 8 May demand-side candle is the one which made VUL a “lock” for a turnaround setup.