![](https://cdn.steemitimages.com/DQmbN79JTvDzWxWhWYMyt1oAGHDr3pPPHN7vfcttawRFXKd/image.png)

Vale has rallied over 600% since it bottomed in V-shaped fashion in early 2016. After each consolidation the following rise has been significant in nature and moves out of symmetrical triangles also tend to be aggressive. 

The price target from the breakout of the triangle takes the stock only marginally higher from here. But given the strength of the name, I think we can look toward the 61.8% retrace of the 2008-2016 move at 28.1. This represents a significant move for the stock so expect it to play out over a multi-month time frame.

Any move below the base of the triangle and the two.207 peaks would negate the positive out look.

Vale is the second largest stock in the Steel Sector ETF (SLX). It looks to be a good lead on the sector. Check out the link below for my view on the sector ETF.

https://steemit.com/trading/@technicaltrader/steel-etf-slx-price-analysis