Wednesday, May 21, 2014

Tower Resources: A Bad Market for the Bulls

Tower Resources shares (LSE:TRP) are a very weak market – a bad market for the bulls. Nevertheless, it is a good market for the bears, who are currently smiling to their banks. It would be a bad decision to go long on this kind of market. Some people know the decisions they want to make are bad, yet they go on to implement them.

The price has broken below the resistance level at 3.000, going further downwards. Meanwhile, the RSI period 14 is below the level 50. This is an indication of a bearish signal, and the price may reach the support level at 1.000. The current bullish candle is merely a noise.

You can benefit from this price action by going short; keeping your risk under control. You cannot enjoy higher returns while you remain conservative or aloof; neither can you make huge gains without increasing your risk.

This forecast is ended with the quote below:

“When I first started trading, most of the time I felt alone, confused, and completely bewildered. It took me over 3 years just to break even, and a full decade to become consistent… No financial situation is permanent, unless you decide it is.” – Louise Bedford

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Learn from the Generals of the Markets: Market Generals

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