Dear all,

Venture has entered into bear territory after dropping 21% from an intraday high of $29.65 on 13 Apr 2018 to close $23.40 on 24 Apr 2018. What should we do?

Let’s examine the chart and some noteworthy points on Venture.

Chart analysis

Based on Chart 1 below, Venture’s chart seems to resemble a bearish double top formation. The break below its neckline $26.95 points to an eventual technical measured target $24.60 which is already attained today. 20D, 50D and 100D exponential moving averages (“EMA”) have started to turn lower amid the sharp drop. Venture closed below its 100D EMA, its first since 1 July 2016. ADX closed at 22.1, indicative of a mild trend. Indicators such as MACD and RSI are oversold with RSI closing at 28.3. Since 8 May 2015, there has been only one occasion where the RSI is …