Friday, May 19, 2017

Premier Oil to Collapse Soon

Premier Oil shares (LSE:PMO) may soon experience a severe pullback, based on what is happening in the market at the moment.

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.

All the EMAs are slightly sloping downwards while price is below most of them. The most important thing is that price is below the EMA 200, which reveals a long-term weakness in the market.

When volatility returns to Premier Oil, it would most probably be to the downside. More sideways movement is anticipated this year. The demand levels at 50.0, 40.0, and 30.0, may be tested.   

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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