Cloud software provider Veeva Systems (VEEV) has made some rally attempts this past year but so far they have failed. The shares are retreating from a test of the declining 200-day moving average line so let's check and see if we should be a buyer of weakness or a seller of strength.
In the daily bar chart of VEEV, below, we can see a bearish picture. Prices rallied in November but failed to sustain gains above the declining 200-day moving average line. Prices are retreating and testing the 50-day moving average line.
Trading volume has increased recently on the current pullback and that is a negative as traders are voting with their feet. The daily On-Balance-Volume (OBV) line shows only a slim advance and the Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take profit sell signal.