VALE - Bottomed and Going UpAlthough VALE is far from its 2008 highs of $44.xx, it seems that this Brazilian mining company has a history of v-shapped bottoms (or at least several days basing). The most recent highs of $11.71 and a bottom of $7.47 show that a FibR of .382 is $9.09, a .5% FibR of $9.59, and a .618% FibR of $10.09 - the relative sweet area of for those using FibR.
The last several days have hovered around the .236% FibR, all with bullish volume. Friday’s (5/26/2017) volume was to be expected due the long US weekend due to Memorial Day.
The daily MACD crossover since 5/10/2017 and Friday was the one of the first several closes above the 9dma and the 20dma.
The weekly chart shows a long legged doji for 5/15/2017 with a confirmation bullish candle the following week. The histograph on the MACD shows that the bears are starting to weaken. Weekly FibR at .5% is also $9.59. Would be a great +10% gain by mid-June.
