Thursday, December 14, 2017

Petrel Resources recovers its recent losses

Petrel Resources stock (LSE:PET) has started to recover its recent losses as it spikes legitimately upwards this week. The upwards spike is better referred to as a bullish breakout and it would be sustained as the market fully recovers.

Price went below the lower Trendline before shooting upwards above the upper Trendline. Price is currently below the upper Trendline, but it is expected to go above it again. How do we know this?

The RSI period 14 is in the overbought region. While there could be some transient bearish retracements in the market – just as we are witnessing now – price is expected to go further upwards.

Petrel Resources shall recover its recent losses and make further gains. Investors will smile.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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