Thursday, October 20, 2016

Cluff Natural Resources Stays in a Bullish Mode

Cluff Natural Resources shares (LSE:CLNR) are still in a bullish mode, which means that the current bullish trend will continue.

Price formed a frustrating base in most months of this year, but it broke upwards in August 2016, trending seriously upwards. The market has become volatile and bulls and bears are in a deadly struggle for supremacy.

After weeks of recent consolidation, price has begun to go up again. The ADX period 11 is above the level 60, meaning that the momentum in the market is now very strong. The DM+ is above the DM-, meaning bulls have upper hands right now. The MACD, default parameters, has its signal lines above the zero line, though the histogram is below the zero line.

When the histogram goes above the zero line, there would be a Bullish Confirmation Pattern in the Cluff Natural Resources daily chart. Price would continue to go up.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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1 comment:

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