Wednesday, October 26, 2016

Genel Energy Remains Indecisive

Genel Energy Shares (LSE:GENL) are currently indecisive. The market has been in a kind of consolidation since August, following the bearish run that was witnessed in July 2016.

Price currently hovers between the upper and lower Trendlines. Though price has gapped downwards recently, but the gap would soon be filled. The extant gap has pushed the RSI period 14 into the oversold territory, and as a result, price would bounce back into the Trendlines, after which price would go into another equilibrium zone.

For Genel Energy to stop being indecisive and begin a strong trend, price would need to stay above the upper Trendline or below the lower Trendline. In order to achieve this, price would need to go above the resistance line at 120.00 or go below the support line at 70.00, to prove that the market is in a trending mode.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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