Tuesday, May 30, 2017

Fusionex breaks downwards!

Fusionex stock (LSE:FXI) has broken downwards, after several months of tight consolidation, which became a base. Some think price ought to break upwards from a base. Well, Fusionex broke downwards, forming a bearish signal.

The market had been consolidating since last year; plus price has broken downwards recently, going below the lower Trendline. At the same time, the RSI period 14 has gone below the level 50. There is a bearish signal in the market.

Is that bearish breakout a false one? Time would tell. A movement back into the Trendline would override the current bearish signal and force the market into a neutral territory; while further southwards movement would emphasize the bearish signal

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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