Petrel Resources shares (LSE:PET) are in an uptrend, as price is trying
to recover from its recent losses. The first target is the resistance level at
10.00 and the second target is at the resistance level of 20.00.
Since the market moved above the upper Trendline in November 2019, the
rally has become strong as the resistance level at 10.00 is about to be
breached. As long as price doesn’t go below the upper Trendline, the bullish
bias on the market would be valid.
The RSI period 14 is above the level 60, and it may soon reach the level
80 as the market becomes overbought.
There may be temporary pullbacks or pauses along the way; but PET is
supposed to continue going upwards, and probably reaching the supply level at
20.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
No comments:
Post a Comment