Tuesday, June 21, 2016

A Fake “Buy” Signal Appears on Photo-me International

Photo-me Internationl shares (LSE:PHTM) currently have a false “buy” signal on them. The condition in the market is not yet ripe for long trades, unless future developments justify it.

In the 4-hour chart, the ADX period 14 is not above the level 20, showing a lack of momentum in the market. The DM+ is below the DM-, meaning that bears are in control. The MACD default parameters, has its histogram above the zero level, while its signal lines are below the zero level.

The possibility of price going further south is higher than the possibility of it rallying significantly. Should the MACD histogram drop again below the level 50, a Bearish Confirmation Pattern would form in the market. Photo-me International is expected to test the demand levels at 130.00, 125.00 and 120.00 this year.

This means that the bullish effort we saw in the last few trading days were just opportunities to sell at higher prices. 

This forecast is ended by the quote below:

“Always remember that there are people out there with the ability to push the market around, and they will do so at every opportunity.” – Joe Ross

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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