VALE Testing top of Ascending Triangle
VALE Is testing the upper bound of a textbook ascending triangle pattern: well-defined boundaries, and decreasing volume. Implied Price Target ca. $26 upon a successful breakout. If traded through delta (cash), there's a nice 3:1 reward:risk up at the PT with a stop at $21.80 (ca. $1 below resistance).
Reward:Risk Analysis
- Reward: ca. + $3 (at $26)
- Risk: ~ ca. $1 (approx. middle of triangle).
- Reward:Risk : 3:1
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