Serica
Energy stock (LSE:SQZ) can still go upwards again, following the current slight
bearish correction in the context of a bullish bias.
The ADX
period 14 is not above the level 20, meaning that the momentum in the market is
not great. The DM+ is not also conspicuously above the DM- (another result of
the trendlessness in the market).
The MACD
default parameters, has its histogram below the zero line, plus its signal
lines are sloping downwards while remaining above the zero line. No clear
signal here.
Eventually,
it is expected that The ADX would go above the level 30 (a rise in momentum),
and the DM+ would move above the DM-. The MACD would then have its histogram
and signal lines above the zero line. This is what would bring a Bullish
Confirmation Pattern in the market.
Serica
Energy might go further upwards after the ongoing bearish correction.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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