Thursday, October 20, 2016

Roxi Petroleum: Is This Spike Sustainable?

Roxi Petroleum stock (LSE:RXP) has spiked upwards. The short-term trend is bearish, but the spike has overturned everything, which could potentially result in a bullish signal. But is this sustainable?

Whatever happens in the next few days would determine the direction of the market. In case price stays above the EMA 21 and the Williams’ % Range period 20 is not far from the overbought territory, there would be a bullish signal in the market.

In case price closes below the EMA 21 and the Williams’ % Range goes around the area of oversold territory, then the current spike would be a false one. This is the situation on Roxi Petroleum.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Super Trading Strategies: Super Strategies 

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