Veritex Holdings (VBTX)
By Thu, Apr 1, 2021
Today’s Chart of the Week comes from our Minor Leaguers Report, which looks at stocks that are between $1-2 billion market cap before they cross over into midcap stock classification.
Financials continue to outperform, which is why we like a regional bank from TX, Veritex Holdings (VBTX).
VBTX shows an absolutely beautiful base, and as we say “the bigger the base, the higher in space.”
We love the sector and the risk to reward ratio is particularly great here.
So long as VBTX is above $33, we are long with a first extension target of $47.
But this is only as long as we are above $33.
That puts us above the prior highs from 2018, which signals a true breakout.
Below $33, just sit back and wait. But once it crosses that level, we are long with a 42% profit target.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
