Nov. 13 at 2:54 AM
$VRNS is currently trading at
$35.77, significantly below its 30-day moving average (MA30) of 52.41 and 50-day moving average (MA50) of 54.42, indicating a bearish trend. The RSI is at 18.01, suggesting that the stock is oversold and may be due for a corrective bounce. The 60-day high of 63.9 and low of 32.02 further emphasize the potential for a rebound from current levels.
Market context suggests caution due to the bearish trend, but the extreme RSI indicates a potential for upward movement. A suggested entry point could be around
$36.50, slightly above the last close to confirm momentum. A stop-loss should be placed at
$34.00 to limit downside risk.
For targets, consider
$40.00 as the first target, aligning with psychological resistance, and
$45.00 as a second target, near the 30-day MA.
Monitor price action closely for confirmation of the bounce.
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