Surprise! This is how much this stock has gained so far

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Velocys Plc stock (LSE:VLS) has become a surprise to investors given its recent bullish breakout, which happened after a very long, boring consolidation. A bearish correction is currently playing out, and that brings another opportunity to go long at cheaper rates.

 

The ADX period 14 is at the level 40, which means there is a huge momentum in the market. The DM+ is above the DM-, showing that bulls are dominant. The MACD, default parameters, has both its signal lines and histogram above the zero lines. There is a Bullish Confirmation Pattern in the market.

It is dangerous to go short in this market: The most sensible thing to do is to go long.

Since a break out from that recent base last week, price has moved from the support level of 6.00, nearly reaching the resistance level at 20.00. The current bearish retracement should be temporary.

Again, VLS should reach the resistance levels at 15.00, 20.00 and 25.00 within the next several months.

 

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