Petro Matad Limited shares (LSE:MATD) are to continue its bearish, random
movement. The recent movements in the market have been bearish and this would
most probably continue.
There was a gap up in October 2019, and following that, price has been
coming downwards gradually. There is a tendency for price to move below the EMA
21, while the Williams’ % Range period 20 is almost pointing downwards (and it
may eventually turn downwards).
It is most likely that the last gap in the market would eventually get
filled, bringing the market further downwards. Therefore the targets for the
next several months are 3.00, 2.00 and 1.00.
Yes, Petro Matad price would fill the recent gap before price bounces
upwards again, because that area is around a very strong and formidable demand
level, and there can be a serious rally from there once the gap is filled.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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