Wednesday, July 13, 2016

A Strong Breakout Is Imminent on Sirius Petroleum

A very strong breakout is imminent on Sirius Petroleum shares (LSE:SRSP) as a result of the ongoing protracted equilibrium phase. Price made some bullish effort in February and March 2016, and began to move sideways from March, till now.

The longer a sideways movement is, the longer the base and the more imminent the breakout when it does occur. Such a breakout would be very strong.

The price is not clearly above the EMA 21, but it would essentially go above it, as the Williams’ % Range period 20 has been exploring the area around the overbought territory. When a breakout does occur, it would most probably be to the upside, when the Williams’ % Range is in the overbought region and the price is above the EMA 21.

Sirius Petroleum would go upwards by at least, 20%, when it does break out. A breakout to the downside would also cause a further loss.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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