Remote Monitored Systems Plc. shares (LSE:RMS) have started going southwards again, following the recent bullish attempt, which proved abortive. The bearish movement may become more serious as price plays itself out.
From June to September 2020, price was in a strong base, consolidating tightly, before the massive bullish breakout in October 2020. Price became very volatile as bulls and bears got engaged in a maniacal battle. Recently there has been a noticeable bearish threat in the market, which started after the high of 6.50 was tested.
Price is currently hovering above the EMA 21, and would most likely
breach it to the downside. The William’s % Range period 20 is going towards the
oversold region, and it is expected to fall below the level -80.
The possibility of RMS going further southward is greater than its
possibility of going northwards. The
support zones to be, hopefully, reached are 2.50, 2.00 and 1.50 before the
middle of 2021.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself
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