Technical analysis

Vale Wave Analysis 27 November, 2020

Vale Wave Analysis 27 November, 2020

• Vale rising inside weekly upward impulse sequence (3)

• Likely to reach 15.40

Vale opened with the upward gap following the earlier breakout of the two powerful resistance levels 13.60 (monthly high from January) and 14.15 (former multi-month high from the middle of 2019).

The breakout of these strong resistance levels accelerated the active weekly upward impulse sequence (3) from September.

Vale is expected to rise further toward the next major resistance level 15.40 (former yearly high from the start of 2019).

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