Monday, July 25, 2016

Bulls Dominate Petroneft

Petroneft stock (LSE:PTR) is not very attractive at the present, but a closer look at the market reveals something interesting. Although price has been quite choppy in the last few months, bulls are now showing willingness to push price upwards.

The ADX period 14 is at the level 20, meaning that there is little momentum in the market. However, the DM+ is slightly above the DM-, revealing a bullish domination. The MACD, default parameters, has both its histogram and signal lines above the zero line, giving a “buy” signal.

All these point to a Bullish Confirmation Pattern in the chart, which would simply become more and more vivid over time. As a result of the current bullish domination, price would be fueled to reach the resistance lines at 3.00, 3.50, and 4.00 within the next trading weeks or months.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Super Trading Strategies: Super Strategies   

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