Wednesday, April 13, 2016

There Is a Pristine Bullish Signal on Premier Oil

There is a pristine “buy” signal on Premier Oil (LSE:PMO), which has formed since the beginning of this month. The price is expected to continue going upwards as revealed by the price action in the chart.

The ADX period 14 is not currently depicting any momentum in the market, but the DM+ is far above the DM-, which means the bulls are having upper hands right now. The MACD default parameters, just has its histogram and signal lines go above the zero line. There is a Bullish Confirmation Pattern in the daily chart.

Premier Oil is supposed, as mentioned before, to continue going upwards. The resistance levels at 80.00, 90.00 and 100.00 would be reached within the next several months.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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