Venture – Time to venture in?

Trend: Downtrend, 20ma down, Macd below 0

Support: 8.73, 8.55 (200ma close)

Resistance: 8.95 (50 & 100ma), 9.09 (20ma close)

Observations
Candlestick – Black candle.
Histogram – 3Gs. No Bullish divergence is seen.
RSI – Oversold. No Bullish divergence is seen.
Stochastic –No Bearish crossover yet.
Bollinger Band – Closer to lower band.

Conclusion:
Venture has been moving downtrend since it had hit a high of 9.51. Many have thought that Venture had been dropping significantly and thought it could be a “cheap” price to buy. Is it true?
Then trend of Venture is obviously downtrend as it had a series of lower high, lower lows. Based on the indicators, there is no bullish divergence in sight which means that the downtrend could continue. Based on past few days’ movement, it is seeking a rebound for a lower high to be formed. Yesterday’s candle shows bearish signs indicating that the market failed to break the resistance of 8.95 which has a strong confluence with 2 MA lines. But the indicators have yet to show bearish signs; hence, there might be a chance for the price to surge towards next resistance of 9.09 level where 20ma is closely located.
If lower high is to be formed at 8.95 level or even 9.09 level, the downtrend could continue where possible support could be formed at an immediate level of 8.73. As it is downtrend, 8.73 could be broken and seek the next possible support of 8.55 which 200ma is close to it.
In conclusion, Venture is definitely not showing signs of uptrend and there is more downside risk going forward. Going on short would be a better bet as it is now downtrend. But shorting at current level could have limited downside as 8.55 support level could be strong.

What to watch out for this week:
1) Short when there is bearish signal at 8.95 or 9.09 resistance level
2) Watch for potential reversal point at 8.55 support.

Trading strategy to adapt right now:
- Short when bearish signals appear at resistance level.

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