Friday, September 29, 2017

Carillion – What Kind of Market Is this?

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

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