Carillion
shares (LSE:CLLN) are now a strange market. The strangeness happens after the
present protracted tight consolidation. This market moved sideways in the
months prior to July 2107, and then gapped down massively, only to start
consolidating again.
Why it
this strange market? The ADX period 14 is not below the level 50, and the DM+
is above the DM-. That is a bullish signal. However, the MACD default parameters,
has its signal lines below the zero line, while the histogram is above the zero
line. The indicators do not agree with each other because the market itself is
strange.
It seems a
movement to the upside is the most likely, because the MACD signal lines are
now sloping upwards, and once they cross the zero line to the upside, it would
result in a Bullish Confirmation Pattern. Until that happens, it might be OK to
stay away from Carillion for now.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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