Tethys Petroleum stock (LSE: TPL) has long been in a
downtrend and this is supposed to continue. This downtrend has been going on
for most part of this year, while rallies proffer short-selling opportunities. We
do not want to be fooled by the noises in the market. Rather, we want to look
at the Big Picture. On Tethys, the Big Picture is a weakness in the market.
4 EMAs are used for this analysis, and they are EMAs
10, 20, 50 and 200. The color that stands for each EMA is shown at the top left
side of the chart. All the EMAs are sloping downwards, with the EMA 50
providing resistance in the near-term and the EMA 200 providing resistance in
the long-term. Any rallies into the EMA 10 or 20 may enable the price to
nosedive again. It is not sensible to short a bull market, and neither is it
sensible to purchase a bear market. The price may eventually reach the support
level at 13.00.
This forecast is ended by the quote below:
“Just as
scientists claim, according to Chaos Theory, that a butterfly can start a
storm, you can imagine that a few key, seemingly minor events, can start a
major market move.” – Joe Ross
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: Market Generals
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