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
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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