88 Energy
stock (LSE:88E) is in a consolidation phase and it is possible to continue in
that phase until there is a breakout in the market. When the breakout happens,
it would most likely favor bulls as it is explained below.
Price is
currently hovering between the upper and lower Trendlines, while the RSI period
14 is above the level 50 (a bullish signal). The recent historical data shows a
base, which would propel the market upwards when volatility arises.
As soon as
it goes upwards, moving above the upper Trendline, 88 Energy would reach the
distribution territories at 2.0, 3.0 and 4.0 within the next several months. By
then, the RSI period 14 would have gone back into the overbought region.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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