VS (6963): Bullish

Pattern: Long Term Cup & Handle And Short Term Flag Broke Out

Let's take a look at VS daily chart below:

VS took slightly more than a year to form the cup and handle pattern and broke out in Jan 2017. Subsequently, it formed a bull flag and broke out on 2 March 2017. 

As VS is at the historical high, we will also take a look at the volume to find out if the bull leg is healthy and sustainable.

A shown in VS's weekly chart above, every up move is accompanied with impulsive volume (as marked in blue) while during the pullback and consolidation (as marked in red), the volume is decreasing. The current move started from the break out of the cup and handle pattern and it is backed by healthy increasing volume.

This is a healthy & sustainable bull leg based on the volume analysis.

I am bullish on VS as long as it is above 1.40.

Based on the projection of the pattern, the immediate target price (TP) for VS is 1.80, followed by 2.03, 2.18 and 2.41.

Watch out for its coming quarterly earning announcement in this month. 

Leave me a comment below and let me know what you think. If you have any queries or want to share the next big stock with me, feel free to contact me via my email or FB page below.

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Cheers,

Ming Jong

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