Nu-Oil and Gas shares (LSE:NUOG)
are a strange market. Price has been quite choppy this year, with most
candlesticks having long upper and lower shadows.
4 EMAs are used for this
strategy 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 EMAs 10, 20 and 50
are currently sloping downwards, and price itself has just crossed the EMA 200
to the downside. This is an important bearish signal, with a possibility that
the EMA 200 also would soon begin to slope downwards as well.
Nu-Oil & Gas is
expected to continue going downwards, although price is a kind of strange with
upper and lower shadows on most candlesticks.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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