Premier African stock (LSE:PREM)
is currently in a tight equilibrium phase. Price would soon go out of balance
as momentum rises in the market; and this is something that may eventually
favor bulls.
4 EMAs are used for the
analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each
EMA is shown at the top left side of the chart.
Price, despite its
sideways movement, is above the EMA 200 (other EMAs are flat). This suggests
hidden bullish strength, which would become more and more visible when a big
breakout occurs in the market. When that happens, price would go upwards,
reaching the supply zones at 0.80, 0.90 and 1.00 this year.
Should price cross the
EMA 200 to the downside, the bullish expectation on the market would become
invalid.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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