The condition on Red Rock Resources (LSE:RRR) is currently perfect
for long trades. After a prolonged bear market which ended at the end of July
2013, the price has been trending upwards till now.
Chart readings that are focused on smaller timeframes would
subject one to too much confusing noise, and that is why it is better to focus
on a big timeframe in order to see the Big Picture. There has been a clear
uptrend in the market since the beginning of August 2013. On the chart, the ADX period 14 is almost
above the level 60, signifying a strong uptrend, while the DM+ is also clearly above
the DM-, signifying the bulls’ supremacy. The MACD histogram and signal lines
are far above the zero line. There is a Bullish Confirmation Pattern on the
chart, and therefore the current pullback in the price is a great opportunity
to go long in the market. Certain speculators do not bother about uncertainty.
Pullbacks and retracements in the context of bullish trends often result in the
ability to go long at better prices.
This forecast is ended with this piece:
“Great traders care about making money more than any
other thing. Proving they are right, showing off, or predicting the future is
not as important as hearing the register ring.” – Steve Burns
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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