Could Validea Market Legends ETF (VALX) Increase Even More? The Stock Formed Wedge Up Pattern

June 20, 2018 - By Clifton Ray

The stock of Validea Market Legends ETF (VALX) formed an up wedge with $31.99 target or 6.00 % above today’s $30.18 share price. The 6 months wedge indicates low risk for the $26.58M company. If the $31.99 price target is reached, the company will be worth $1.59 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The ETF increased 0.60% or $0.18 during the last trading session, reaching $30.18. About 115 shares traded. Validea Market Legends ETF (NASDAQ:VALX) has risen 10.03% since June 20, 2017 and is uptrending. It has underperformed by 2.54% the S&P500.

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