Victoria Oil and Gas
stock (LSE:VOG) is supposed to go further southwards, following the shallow
rally that has been seen in the market. The bias on the market is bearish.
The market was flat in
January 2017, and then it experienced a smooth bullish run in February. Between
March and April, price entered a consolidation phase. As from May, price has
been going downwards gradually, being able to go below the lower Trendline.
After this, the RSI
period 14 has also gone below the level 50. The present shallow rally is simply
a good opportunity to sell short at a better price. Immediate targets are
located at the support levels at 40.0, 35.0 and 30.0.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
