24/7 Market News Memorial Day Weekend weekly Wrap-up
In fact, two of last week’s companies may be moving through similar action.
VivoPower International PLC (NAS: VVPR) started running strong last Thursday and outran its support, so it started this week by giving back some of its gains, but it’s now trending higher in each of the past 3 sessions and is one that we’re going to keep our eyes on.
SoFi Technologies (NASDAQ:SOFI) continues to trade big volume and bounced off of a key support level. If it can break through the next inflection point, near the $8 level, it might not have too much resistance between that and $10.
We closed out the week, with a word of caution, concerning Ethereum, which risks a 35% drop in June with ETH price confirming what may be an ascending triangle fakeout, as its Ether (ETH) token faces the possibility of a 35% price correction in Q2 as it comes closer to breaking below its ascending triangle pattern. Ascending triangles are typically continuation patterns and, with Ether’s price trending lower before forming its ascending triangle, raises its chances of a breakdown in the next few weeks. Another bearish sign is in the form of Ether’s fake out move more than a month ago, when it broke above its ascending triangle on March 28 only to return to its range a week later — a fake breakout. Flipping the triangle’s top to resistance, followed by a period of consistent selling, indicates strengthening bearish momentum, now nearing a breakdown moment.
As a rule, breaking below the Triangle’s lower trendline puts the downside target at a length equal to the triangle’s maximum height, or the area between $1,820 (-35%) and around $2,160 (-30%), depending on the breakout point.
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