Giant double-bottom forming in VALE
- Vale jumps today from level of previous low despite weak Chinese PMI data (on the heels of oil break out).
- Name heavily oversold on Chinese fears, plummeting iron ore prices, Brazil uncertainties, etc., selling might be overdone.
- Deeply undervalued even with depressed circumstances taken into account.
- High risk idea as many part of the equation of Vale is still very vulnerable, but promises reasonable profit potential.
- Double bottom is only confirmed when price breaks through neckline around 8.6-8.7. First stop might be there as well, possible break out then might bring it above 10.
- Name heavily oversold on Chinese fears, plummeting iron ore prices, Brazil uncertainties, etc., selling might be overdone.
- Deeply undervalued even with depressed circumstances taken into account.
- High risk idea as many part of the equation of Vale is still very vulnerable, but promises reasonable profit potential.
- Double bottom is only confirmed when price breaks through neckline around 8.6-8.7. First stop might be there as well, possible break out then might bring it above 10.
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