What’s Next for Validea Market Legends ETF (VALX) After Forming Wedge Up Chart Pattern?

June 15, 2018 - By Peter Erickson

The stock of Validea Market Legends ETF (VALX) formed an up wedge with $33.13 target or 9.00 % above today’s $30.39 share price. The 8 months wedge indicates low risk for the $26.21 million company. If the $33.13 price target is reached, the company will be worth $2.36 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 decreased 0.49% or $0.15 during the last trading session, reaching $30.39. About 431 shares traded or 26.76% up from the average. Validea Market Legends ETF (NASDAQ:VALX) has risen 10.03% since June 15, 2017 and is uptrending. It has underperformed by 2.54% the S&P500.

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