For
several months in a row, Kefi Minerals stock (LSE:KEFI) has been unable to close
below the great support level at 1.00, in spite of the cut-throat attempts from
the bears. The bears are desperate to push the price below the support level,
but the bulls are too stubborn to allow that (while they themselves have no
upper hands).
The
struggle between the bulls and the bears has left a rough trail in the market.
Although the RSI period 14 is below the level 50, it cannot really be said that
the bears have achieved their purpose unless the price closes below the support
level at 1.00 and trends further south. This objective would, not doubt, be
difficult for the bears to achieve. No matter the direction the price
eventually goes, our risk control just got more satisfying.
Should
the bears eventually fail to push the price below the floor (which would likely
not happen), the stock could break above the upper Trendline in the chart,
going above the resistance level at 1.2 and continuing the upwards journey. The
stock must essentially stay above the upper Trendline before it could be said
that a bullish bias is confirmed.
Whatever
happens, good trading principles can help us trade meaningfully and
satisfactorily even now. Paradoxically, difficult experiences may help traders
nourish and strengthen their commitment.
This forecast is ended by the quote below:
“Today,
compared to, let’s say 15 years ago, online trading has become much quicker, reliable
and enjoyable. Now it is a truly different thing!” – Mario Fabbri
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
What Super Traders Don’t Want You To Know: Super Traders
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