VIPS – neutral – Bulls retrace 38.2% of the April/August fall
VIPS 20.26 – neutral – Bulls retrace 38.2% of the April/August fall
VIPS rallied strongly from its 14.68 YTD low (August 24, 2015), following the 6-month downtrend breakout (on September 28, 2015), to reach a new 2-month high at 20.84 Tuesday (October 27, 2015), near 38.2% of the 30.72/14.68 fall, before basing. The indicators on the daily timeframe are overbought, cautioning for pullbacks. The 19.44 low (October 25, 2015 low) serves as the immediate support. A deeper pullback below the latter would risk 17.04 (October 14, 2015 low) where buyers should step in. However, a push through 20.84 would accelerate the upleg towards 22.70 (May 21, 2015 low) near 50% of the 30.72/14.68 fall and the 200 day moving average currently at 22.88.
Outlook:
Daily: neutral under the 200 day moving average
Weekly: neutral
VIPS rallied strongly from its 14.68 YTD low (August 24, 2015), following the 6-month downtrend breakout (on September 28, 2015), to reach a new 2-month high at 20.84 Tuesday (October 27, 2015), near 38.2% of the 30.72/14.68 fall, before basing. The indicators on the daily timeframe are overbought, cautioning for pullbacks. The 19.44 low (October 25, 2015 low) serves as the immediate support. A deeper pullback below the latter would risk 17.04 (October 14, 2015 low) where buyers should step in. However, a push through 20.84 would accelerate the upleg towards 22.70 (May 21, 2015 low) near 50% of the 30.72/14.68 fall and the 200 day moving average currently at 22.88.
Outlook:
Daily: neutral under the 200 day moving average
Weekly: neutral
