The primary trend on Iofina plc (LSE:IOF) is bullish. On September 25, 2013, I recommended that the stock on this market should be bought (http://uk.advfn.com/newspaper/azeez-mustapha/10713/iofina-plc-buy).
For those who did so, congratulations! Then, the price was at 70.00, but at the time of writing this new forecast, the stock was trading at 187.00. What a significant gain!
The bias on Iofina is towards the north, and it is clearly so. Do not liken a leopard to a dog. Here, the bull holds sway. The bull reigns. You can see that 4 EMAs are used in this analysis. They are EMAs 10, 20, 50 and 200 (the color that stands for each EMA is shown at the top left side of the chart). It can be seen that all the EMAs confirm the northward journey (a Bullish Confirmation Pattern). The price would continue moving upwards towards the supply levels at 193.00 and 200.00. There could be some short-term bearish pressures along the way, which are not supposed to take the price below the demand level at 170.00. The next best entry tactics would be to go long as soon as the EMA 10 touches the EMA 20, and it is followed by a bullish candle.
Not many speculation methods have clearly defined rules and parameters; and there is no trading method that cannot sustain losing streaks.
This article is ended with the quote below:
“I assume you mean “when it loses money.” I never look at a trade as having gone “for me” or “against me.” That’s far too personal and anthropomorphises each trade. As long as we’re “on model” I feel fine. It doesn’t matter whether any given trade is losing or making money.” - Mike Dever (www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
For more articles, go to: http://www.advfn.com/newspaper/authors/azeez-mustapha
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