Beacon Hill Resources (LSE:BHR) can be sold at 0.80
and later exited at 0.20 in what could potentially be a profitable short trade.
The long-term bias is downwards and the bulls are too weak to effect any meaningful
changes, until further notice.
The price has been trending downwards for several
months, breaking new lows, even when some chart readers think that the price
would turn upwards. The price is currently staying below the EMA 21, and the
Williams’ % Range has been staying perpetually in the oversold region. It is
more sensible to call short trades. Any rally here would be temporary an insignificant.
Conclusion: The best
thing to do on Beacon Hill Resources now is to sell short and let it run. In
the long run, you may begin to smile at your bank. Irrespective of what you are
doing right now, if you do not take any action in the market, you would not
have any results to show for it. Mere wishful thoughts do not bring profits.
This forecast is ended with the quote below:
“If you
have a good strategy that has worked well for a long time, then stick to it
even
during a drawdown. Reduce the position size if necessary. However, if you
change or give up your strategy at short notice, you will have even less chance
of surviving the drawdown. It may be hard to continue trading right through a
drawdown, but you will be very glad at the next high of your equity curve that
you have stayed the course.” – Marko
Graenitz (Source: www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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