Touchstone shares (LSE:TGL) have been falling and
things would remain downbeat. The price has been trending downwards for most
past of this year, losing thousands of points along the way. The price would
have a leg down, show some stabilization, and then show another leg down. Any
reversal formations on the charts have been transitory in nature – traps to the
unwary bulls.
On the chart above, the ADX period 14 is almost
above the level 60 (showing a very strong trend), while the DM- is far above
the DM+, which means the bears have upper hands. In addition, the MACD (default
parameters) have both its signal lines and histogram below the zero line. This
is a clean Bearish Confirmation Pattern on the chart. Sell to 0.1!
Conclusion: Touchstone
has not shown any sign of a truly bullish market and therefore, things are
supposed to remain downbeat. Should one buy by mistake here, one would need to
smooth the orders quickly. Victorious market players know how to admit it
whenever they are proven wrong in the market. Those who refuse to do this would end up having
average losers that are much bigger than average winners.
This forecast is ended with the quote below:
“Many
traders want to start their trading career by achieving big profits with a
small trading account… In trading they have to deal with the real risk of
losing money.” – Jens Klatt
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lesson from Expert Traders
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