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Tuesday, July 15, 2014

Oilex Goes Further Upwards, Moving Above the EMAs 10 and 20

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



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