MXO Oil stock (LSE:MXO) is now trying to rise from the
long-term base it has formed in the market. Would this be a sustained bullish
movement or a false breakout?
From July to August 2015, the price nosedived, after which
it formed a base. The base was in place from August till now… But there is an
action in the market. The price gapped up shallowly, which enabled the price to
go above the EMA 21. The Williams’ % Range period 20 is also in the overbought
territory.
This is a bullish signal, indicating that MXO Stock might go
further upwards. Though, a movement above the distribution territory at 3.5 is
needed to prove that the current breakout is not a bogus one.
This forecast is ended by the quote below:
“Having more money won't help you much if you can't trade
profitably at small size.” - Zr1Trader (Source:
Elitetrader.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
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