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News - Detailed News Story

Trend for Venture Corp still bullish

02 Jul 2019 09:00

By Chua Wei Ren

VENTURE Corporation's stock price has been rising steadily since 2016. It broke the previous high of S$10.00, which is located at the wave "a" top. However, the stock price began to falter at the start of April when the stock did not manage to break the S$30.00 psychological level, let alone the high of S$32.00 two decades ago. This must be sad news for most technical traders because such price action indicates that the bull is weakening near its top and may potentially form a double top.

While the current price action of Venture shares may seem dismal, there is still potential in Venture. Based on the monthly chart, Venture is in a prolonged period of forming a range. As the saying goes, the market ranges 70 per cent of the time. In a range bound market, there is potential to buy low and sell high as the area of supply and demand is clearly marked out in the range. Often, traders look to buy near bottom of the range. Should the price movement reverse lower, the risk of stopping out is lowered.

Using Elliott wave analysis, Venture's wave will be a double three corrective wave. As seen from the chart, the dominant cycle wave of W and X (highlighted in bold red) has been completed, and currently, Venture is in wave Y. For wave Y to complete, there needs to be another three sets of wxy sub-waves (Highlighted in blue). The current stock price is rallying towards sub-wave x at S$21.42 (which is at 50 per cent of the Fibonacci retracement level of S$29.56 to S$13.18).

We should see Venture stock's price rising beyond the S$20.00 mark in the short term. In summary, the trend for Venture is still bullish, however, there may be periods of short term retracement over the next few years.

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Attachments: Source: Business Times

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