Thursday, June 8, 2017

Nanoco: is this a time to buy long?

Nanoco shares (LSE:NANO) are in a dicey situation. Would they go up or come down?

Price went bearish from January to April 2017, and then made some faint bullish attempt in May, which overturned the bearish bias, leading to a bullish bias.

How do we know? The ADX period 14 is roughly around the level 20, but would go further upwards as momentum rises. The DM+ is above the DM-, confirming the bullish hegemony. The MACD default parameters, has its signal lines and histogram above the zero line which, gives a bullish signal.

There is a form of Bullish Confirmation Pattern on Nanoco, and price is expected to rise further, after recovering from the current correction. However, a movement below the demand zone at 35.00 would render this expectation illogical.

Azeez Mustapha

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