A continuation chart pattern could be developing, and this would suggest that the STI may move within a range for some time. The lower boundary has been established at 3,341 and the upper boundary at 3,449. Since this is likely to be a continuation pattern, the breakout should be on the upside, with a successful break indicating an upside of 3,600.
Venture Corp ($20.52) support at hand
Prices have more than doubled this year, and the counter could be heading for a period of rest and recuperation. Support has been established at $20.40. Quarterly momentum, which has turned down, could continue to fall.
Stochastics and 21-day RSI are also falling, as is ADX. These indicators are pointing to a consolidation phase that has yet to run its course. During this period, the uptrend should remain in intact. The rising 50-day moving average is at $19.44. Resistance/ breakout appears at $22.08.
