Wednesday, August 23, 2017

Provident Financial Group – Pigs have been slaughtered

Pigs have been slaughtered in Provident Financial Group market (LSE:PFG). Who are the pigs? They are buyers who continue to hold onto their losing positions in spite of a clear indication that the trend is no longer in their favor.

The stock gapped downward in June 2107, ending the pervious protracted equilibrium phase in it; and since then price has been going downwards.

This month, price went below the lower Trendline and then gapped downwards – massively! The RSI period 14 is in a very overbought territory.

There may be transitory pauses and rallies along the way, but PFG is expected to continue trading lower and lower and lower.

In this market, bulls stay aside. Bears make money, and pigs get slaughtered.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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