Based on the reality in the market, it is advised that one do only one or two things with Proteome Sciences stock (LSE:PRM): Sell the stock and/or stay away from it. This is the rational thing to do until this bearish phase is over; unless one is a short-seller.
About 4 EMAs are used for this analysis (EMAs 10, 20, 50 and 200). The color that stands for each EMA is shown at the top left side of the chart. In this month, the EMAs 10, 20 and 50 have supported a bearish signal. And finally, this week, the stock experienced a ‘Death Cross’ on the chart when it crossed the EMA 200 to the downside and closed below it. This is a clean southward bias and the market would continue as such. Opening long positions in this kind of market is counter-intuitive.
Since all of us a plagued with the tendency to do things that are not in our best interests while trading – often with disastrous consequences – is there any hope that we can eliminate this tendency from our mindset? Yes. As the bulls go through pains, the bears harvest gains. One who eats eggs does not know the kind of pain the chicken goes through when laying the eggs.
“Trading takes patience, a trait that many traders (and other human beings) don't have. The most disciplined people tend to avoid risk, and are unlikely to get into the trading business.” – Joe Ross
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
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