ViaSat has been trading in a multi year falling wedge. Assuming it bottomed at 15,
It’s forming a potential breakout of upper boundary at around 40 in the next few months
Tactically, if it holds 27.30 - 27.50, which is fibo .38 retracement level of this year freefall wave
it may test the next resistance at 31+. More broadly, looking at multi year
downtrend - it has developed both MACD and RSI convergence patterns,
and unlike the entire market, both are not yet in overbought territory.
Going fwd, I will be looking at somewhere around 47, guessing it to be a neckline of Inverse H&S.
It’s forming a potential breakout of upper boundary at around 40 in the next few months
Tactically, if it holds 27.30 - 27.50, which is fibo .38 retracement level of this year freefall wave
it may test the next resistance at 31+. More broadly, looking at multi year
downtrend - it has developed both MACD and RSI convergence patterns,
and unlike the entire market, both are not yet in overbought territory.
Going fwd, I will be looking at somewhere around 47, guessing it to be a neckline of Inverse H&S.