Edenville
stock (LSE:EDL) has experienced what can best be called a false breakout.. The
major bias is bearish, and thus, the current bullish breakout could end up
being a temporary rally in the context of a downtrend.
Price is
above the EMA 11 but it is yet to close above it. Should price close below it,
the recent bearish bias on the market will be confirmed. Should price close
below it, it would harbinger a clean bullish signal.
The
Williams’ % Range period 20 is shooting upwards, but it is not yet in the
overbought region.
The probability of the Williams” % Range period
20 going back into the oversold region is very high.
The
outlook on Edenville remains bearish. The market would soon go southwards
again, following the ongoing false bullish breakout.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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