Oilex shares (LSE:OEX) go further upwards, moving
above the 4 EMAs that are used in this analysis. This is a bull market and the
market has resumed its upwards journey, as it should.
In the chart, the 4 EMAs used are EMAs 10, 20, 50
and 200. The color that stands for each EMA is shown in the top left part of
the chart. All the EMAs are sloping upwards, confirmation the bullish outlook
on the market. At the present, the price, which has pulled back into the EMAs
10 and 20, has started going upwards again. A long trade can be sought, while
the EMA 50 would be considered as a stop area.
As long as the price does not touch the EMA 50, the
long trade would be valid: plus price is expected to reach the distribution
territory at 10.00 in the medium term.
This forecast is ended with the quote below:
“Mind
the fact that good decisions are not restricted to knowing what stock to buy.
There are far more important decisions a good trader can make, in the absence of
knowing what the outcome will be. Selling losers before a mistake turns into a
problem is just one of them.” – Dirk Vandycke
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
No comments:
Post a Comment