Could San Leon (LSE:SLE) sustain the bullish momentum it has started since April 2013? From the yearly low reached in April, the price has moved upwards significantly, favoring those who saw this early enough. But once again, could this be sustained?
The EMAs 10, 20, 50 and 200 are used. The color that stands for each EMA is shown at the top left part of the chart. Since April, the price has been going north, and the EMAs 10, 20 and 50 have given a ‘buy’ signal, though the EMA 200 is yet to follow suit. The price is very close to the EMA 200 and the price action may result in a Golden Cross (when it crosses the EMA 200 upwards). Then the northward bias would be vivid. Should the Golden cross attempt fail, the price could nosedive.
On San Leon, remember to trade what you see and control your risk. People tend to respect their rules after they’ve broken them and suffered the consequences. Going against safety rules in trading brings huge roll-down, but for those who adjust positively, recovery would be made eventually. This mindset would enable us to ignore noisy fundamentals and pay attention to what the price is doing.
This article is ended with the quote below:
“Risk per trade allows me to accept the loss before I even begin to execute the trade. This gives me the ability to focus on what‘s happening in the market.” - Anthony Crudele (Source:www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
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