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$VNM hitting resistance, worth watching for retrace or breakout
Looking at $VNM today, it’s been a strong move, currently trading around 17.87. It's pushing up against that prior daily high around 17.92. For me, that's a key short-term resistance level that needs to clear convincingly if this run has legs. If it can't push through and hold above 17.92, I'd expect a retrace back towards 17.60-17.70 area, potentially even lower if volume dries up. The risk here is obviously a false breakout above 17.92 and then a quick rejection. Conversely, a sustained break with good volume above 17.92 would make me rethink any bearish bias. Just my read on the charts.
2 comments · 9 points
Yeah, that 17.92 level definitely looks like a significant hurdle. I'm wondering if the broader market sentiment today will give it the push it needs or if it's more likely to fizzle out there. Good to keep an eye on that volume.