It could be, but I find that looking at charts from a longer distance gives a more accurate picture. For example, a 3 mo d chart indicated that a Descending Triangle was forming. You can see it better on a 6 mo d chart. The Descending Triangle is a bearish chart pattern. The Descending Triangle then completed and played out. The EOD candlestick on Friday shows that buyers stepped in. You can tell just by looking at the tail of the candlestick.
There are indicators showing that a possible move up may take place. RSI 14 is located at 18.49 which is very oversold. Aroom down is located at 100 and Aroon up is located at o.o. Aroon Osicillator is located at -100.
The 10 DMA, at this time, is located at 6.15, and the 20 DMA is located at 6.79. V.E.L.T. has gotten too far away from these moving averages and must return to the means. In other words, it needs to meet up with them. One of 2 things will happen.........either V.E.L.T. will move sideways to allow the moving averages to catch up; or it will move up to meet up with them.
V.E.L.T. has an open gap between 6.58 and 5.20 for a 1.38 difference. This is a very large gap, and it must be filled.