And just like that, the pattern is wrecked. Consider this chart watcher sucked in (and probably getting out). #WinSomeLoseSome
Current holding VMW is attempting to break its bull flag to the upside. I say attempting even though it is currently in breakout status above the upper channel line because these things can easily suck in chart watchers and then fail. VMW is an old software dinosaur, but so too was ORCL, which was in a similar technical situation in 2020, before breaking out and running up.
As yet, the daily chart is what it is, above the SMA 50 with RSI having gone positive along with MACD with neither even remotely near overbought. The stock has also ground out a new daily chart uptrend.
I’d like to see 152, a drop to which I endured last week, continue to hold as support or pending the market I’d have to think about selling it. Meanwhile, the weekly chart is clearly at support and both RSI and MACD are positive, though consolidating. A reasonable technical target is 210 in the coming months if the bull case plays out. A drop below the July low of 147.85 would break the constructive situation.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.