Veeva Systems Inc. provides industry-specific cloud-based software
solutions for the life sciences industry in North America, Europe, the
Asia Pacific, and Latin America. The company’s solutions enable
pharmaceutical and other life sciences companies to realize the benefits
of cloud-based architectures and mobile applications for various
business functions.
Take a look at the 1-year chart of Veeva (NYSE: VEEV) below with added notations:
VEEV has formed a trend line of support (blue) since its May bottom.
Always remember that any (2) points can start a trend line, but it’s the
3rd test and beyond that confirm its relevance. VEEV has tested its
trendline support 3 or 4 different times.
Also, the stock also has a regular level of support and resistance at $25 (purple) that sits just below the trendline.
The Tale of the Tape: VEEV has a trendline support
and a slightly lower $25 support. A long position could be entered on a
pullback down to the trendline or lower at the $25 support level. A
short position could be entered if VEEV were to break below the $25
support.
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