AFC Energy shares (LSE:AFC) may go further south, based
on the price action which is currently on the chart. The market was turbulent
in July 2013 and it traded downwards in August 2013. This outlook is expected
to continue.
Further bullish attempts were rejected in July, and
since then the price has broken the lower Trendline to the downside. At the
same time, the RSI period 14 went below the level 50. The price could
eventually reach the support level at 30.00. The power of accumulation has
thinned out, and therefore, long positions cannot be sensible, and distribution
may push the price lower. As the price nosedives, short trades become vivid as
bulls smooth their orders… which may result in transitory bullish correction.
The price would go down again, and there would be corrections along the way.
The corrections would be effected by bulls’ desperation (they try to open long positions
which result in corrections). These retracements would be short-term, but their
traces would be visible on the chart.
The forecast is ended with the quote below:
“If you
cannot come into the day ready to accept both winners and losers and then move
on, then do not go to work that day or do not trade.” – Greg Harmon
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
No comments:
Post a Comment