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