Petrofac shares (LSE:PFC)
have crashed seriously. Price consolidated in February and March this year, and
then formed a bearish signal in April, and then collapsed massively in May.
4 EMAs are used for this
analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each
EMA is shown at the top left part of the chart. The 4 EMAs are sloping
downwards, signaling a strong bearish outlook.
Since the market has
gone below the EMA 200, there is a Death Cross in the market. Price is
currently below the EMA 10: The bearish momentum is very strong.
The crash on Petrofac is
supposed to continue, though there could be temporary upward bounces along the
way. Further losses are anticipated here, in 2017.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
No comments:
Post a Comment