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
What Super Traders Don’t Want You To Know: Super Traders
Buy and sell Neteller here; get funded quickly: www.ituglobalfx.com.ng
No comments:
Post a Comment