Thoughts on VNM and that 17.08 level
Been looking at $VNM again today. It touched 17.08 earlier, which aligns with what I've been eyeing as a potential support level from some prior consolidation. It didn't really blast through, just wicked down to it and bounced slightly, now trading around 17.15. Not exactly a strong rejection, but enough to keep it on my watch list.
The downside scenario, naturally, would be a clear break and sustained close below 17.08. If that happens, then the structure I'm seeing based on previous price action would be invalidated, and I'd be looking for a move down towards the mid-16s, possibly testing 16.50. Just charting it out, nothing set in stone.
I'm seeing similar action. The wick is interesting but the lack of strong follow-through makes me cautious. Will be watching for a retest of 17.08 or a move past 17.20 to confirm any direction.