Bahamas Petroleum Company shares (LSE:BPC) have been weak and they remain weak. Hopes of bullish momentums have been dashed, and it seems things may go further downwards from here.
The current phase of
bearish movement started around the middle of November 2020, and it holds. Price
is below the EMA 21, and the Williams’ % Range period 21 is in a much oversold
territory. The weakness in the market has be so strong to the extent that, it
does not make sense to assume any long positions right now.
BPC would continue going
further southwards, towards the support levels at 2.00, 1.50 and 1.00 in the
year 2021. Any rallies attempts in the market will be clear signs of opportunities
to go short when prices become a bit expensive, and in the context of a
downtrend.
Azeez Mustapha
Market Analyst,
Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself
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