In spite of the recent downtrend and the current turbulent volatility in the market, Leyshon Resources (LSE:LRL) is going north. The price had already been making some northward attempt in this month, before it gapped upward earlier this week. Whether the gap is filled or not, there is a northward determination in the market.
Here, the ADX line is above the level 40, giving an indication of strong northward bias. Since the bulls hold sway right now, it could logically be concluded that the buying pressure is very strong right now. The DM+ would inevitably go above the DM-. The MACD (default parameters) histogram is above the zero line, plus its signals lines are going above the same zero line. There is a Bullish Confirmation Pattern on the chart, although it does not mean that there cannot be occasional southward retracements in the market. You can put out fire, but can you put out the smoke? The near-term price target is the distribution territory at 22.00. The price would ultimately go above that distribution territory and go further north.
This article is ended with the quote below:
“Trading is a great thing, and I don’t just mean that financially. Trading is my life. Of course, it helps a lot to be successful as a trader and to not have to worry about money. In that respect, trading is no different from other professions.” – Larry Williams (Source: www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
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