Nearest Resistance: $19.50
Nearest Support: $19
Catalyst: Q4 Earnings
(VALE - Get Report)
announced positive fourth-quarter earnings, earning the distinction of being one of the few earnings names that's actually seeing its share price increase today. That price action is significant because it hits the brakes on a selloff that's been pushing shares lower since the first trading session of 2013. As Vale attempts to push through nearby resistance at $19.50, investors will get their first glimpse at whether this stock can still court buyers in a market where commodities are starting to lose luster.
A breakout above $19.50 is a buy signal for VALE.
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-- Written by Jonas Elmerraji in Baltimore.
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