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
Buy and sell Neteller here; get funded quickly: www.ituglobalfx.com.ng
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