VIPS 13.54 – neutral – Posts a new 18-month low near key retrace
VIPS fell to a new 18-month low at 12.02 (November 16, 2015), retracing 61.8% of the 0.41/30.72 rise (April 2012 low/April 2015 high) before consolidating. Oversold indicators caution for short-term bounces. While the 14.68 area (August 24, 2015 low) caps any bounces, scope remains for further downside below 12.02 to the 7.58 area (76.4% of the 0.41/30.72 rise. However, recovery above 14.68 would prolong the consolidation towards 17.04 (October 14, 2015 low) which may cap.
Outlook:
Daily: bearish
Weekly: bearish
VIPS fell to a new 18-month low at 12.02 (November 16, 2015), retracing 61.8% of the 0.41/30.72 rise (April 2012 low/April 2015 high) before consolidating. Oversold indicators caution for short-term bounces. While the 14.68 area (August 24, 2015 low) caps any bounces, scope remains for further downside below 12.02 to the 7.58 area (76.4% of the 0.41/30.72 rise. However, recovery above 14.68 would prolong the consolidation towards 17.04 (October 14, 2015 low) which may cap.
Outlook:
Daily: bearish
Weekly: bearish
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