MXO Oil Chart – Will Price Rise from the Base?

PUBLISHED: Dec 16 2015 @ 14:50 | Comments (0) | More info about Azeez Mustapha

MXO Oil stock (LSE:MXO) is now trying to rise from the long-term base it has formed in the market. Would this be a sustained bullish movement or a false breakout?

From July to August 2015, the price nosedived, after which it formed a base. The base was in place from August till now… But there is an action in the market. The price gapped up shallowly, which enabled the price to go above the EMA 21. The Williams’ % Range period 20 is also in the overbought territory.

This is a bullish signal, indicating that MXO Stock might go further upwards. Though, a movement above the distribution territory at 3.5 is needed to prove that the current breakout is not a bogus one.

This forecast is ended by the quote below:

“Having more money won’t help you much if you can’t trade profitably at small size.” – Zr1Trader (Source: Elitetrader.com)

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