Friday, October 25, 2013

Angle Resumes Northward Journey

The price on Angle (LSE:AGL), which has already been in a bullish mode, was corrected southward in September and October 2013. When this was happening, some wonder how long it would take for the bull to be murdered along the way. It is too much for the fox to kill the chicken and the chicken’s owner. Right now, the price has resumed a bullish journey which is expected to last for several weeks or months. The market would keep on battering every bear along the way.

On the chart, the ADX period 14 is almost above the level 60, signifying serious buying pressure. The DM+ is also above the DM-, showing that the bias is northward. The MACD (default parameters) has both its signal lines and histogram above the zero line. There is a Bullish Confirmation Pattern on the chart, and the trend would continue going upwards towards the resistance line of 148.00.

It has been seen that no trading instrument would keep on going upwards forever; so it looks sensible to plan an exit target at an optimal distribution territory – which is the aforementioned resistance line, while applying trailing stop.

This forecast is ended with the quote below:

“One of the most frustrating experiences in trading is knowing what to do, how to do it, and when to do it, and not being able to execute.” – Joe Ross

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Eye-opening trading lessons: Lessons from Expert Traders

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