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Empyrean Energy stock (LSE:EME) may experience a serious rally anytime, which could result in loads of windfalls for bulls. Although the price consolidated to the downside in recent months, there has been an upward bounce, which occurred towards the end of August 2015. The upwards bounce remains in place till now.
In the chart, the ADX period 14 is not too far from level 30, but the DM+ is clearly above the DM-. This shows that while the momentum in the market is not great, the bulls still have upper hands. The MACD, default parameters, has its histogram above the zero line; while its signal lines are also moving up (making attempt to cross the zero line to the upside).
Indeed, when there is another breakout, it could be to the upside, which could lead to a clean Bullish Confirmation Pattern in the market. A breakout might have even been in place already; and therefore, a serious northward movement may soon be experienced, which could be a boon to the buyers.
Empyrean Energy can go further upwards, and it would be logical to watch the market closely for any developments, rather than focusing on the fundamentals while ignoring the real movement of the price. We may make use of fundamental and technical signals. While news reports move the markets in most cases, we need to pay more attention to the price itself. That means we open positions only based on what the price is doing. Your loss or profit comes from what the price is doing, not what the news says. When bad news pushes the price higher, then we go long. When good news is pushing the price lower, we go short. This kind of approach takes advantage of the subtlety of the market movement.
This forecast is ended by the quote below:
“Just follow the rules” is not enough if one has not internalized the rules and cannot apply them without hesitation and without thought. Trading with “discipline” if one is trading a plan he doesn’t trust is not productive. ” – DbPhoenix (Source: Trade2win.com)
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