Bahamas Petroleum shares (LSE:BPC) looks very
attractive to buyers as a result of the buying pressure in the market. Even if
the price gets corrected southwards, it would eventually rally and break more
and more supply levels to the upside.
Recently, the price has formed a strong base after
it experienced a sharp drop. The base – which held out for a few weeks – resulted
in a serious equilibrium phase. In September 2014, price shot skywards from the
base, testing the supply level at 5.00 before going downwards again. The price
must go above the upper Trendline so that the bias can continue to be logically
bullish (a movement below the lower Trendline would also mean a new southwards
outlook). The RSI period 14 has bounced off the level 50, pointing further
upwards.
The worst thing that may potentially happen to the
price of Bahamas Petroleum shares is to test the demand level at 2.00, because the
price would often rally after or before testing the demand level. The market
may continue going upwards until it reaches the supply level at 6.00.
This forecast is ended by the quote below:
"It's better to take a more realistic, practical approach
to trading. It's vital to be a realist." – Joe Ross
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: Market Generals
No comments:
Post a Comment