Iofina shares (LSE:IOF) are expected to dip further.
The overall bias is bearish – established bias – and the possibility that the
price may dip further is very high.
The price is below the EMA 21. The Williams’ % Range
period 20 recently sloped upwards in the context of a downtrend. This is a kind
of ruse to make buyers think that the rally would push the price significantly upwards.
The rally has proven to be a trap, for the price has headed back southward. The
Williams’ % Range is going into the oversold territory.
When the price possibly drops further; it might reach
the demand level at 30.00. In this kind of market, money flows from noobs to
pros. It is advisable to seek short positions only.
One strategy that works in a bearish trend is enough
for this market. Statistics have revealed that a combination of two or more
strategies may not improve trading results. That kind of combination would
simply decrease the overall increase of the equity curve. The only
way to enable an agreeable effect on our portfolio is to capitalize on our
positive positions.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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