Canadian Overseas Petroleum Limited shares (LSE:COPL) are currently
consolidating, in apparent weakness. A breakout is imminent.
Looking at price more closely, it can be seen that the
market is making weak attempts to rally, but that effort pales into
insignificance when compared to the ongoing sideways movement. Bulls are intent
on pushing price upwards but that feat is not easy to achieve, at least, for
now.
The EMA 21 is kind of sloping downwards but not very vivid;
while the Williams’ % Range period 20 is moving towards the overbought area (upside).
Price itself is currently scaling the EMA, and it would inevitably settle above
it.
Eventually, COPL will break out to the upside, and a strong,
protracted bullish journey will resume.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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