Stay away from Petrel Resources
By
Azeez Mustapha
PUBLISHED:
May 16 2018 @ 12:40
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More info about Azeez Mustapha
Petrel Resources stock (LSE:PET) is not an attractive market at all, and investors are advised to stay away until there is a clear directional movement.
The market is quite rough and choppy, having zigzagged so far (in the past few months). Price is currently above the EMA 21 (a false signal), and will go below it temporarily (to generate another false “sell” signal), only to go above it again.
The Williams’ % Range period 20 corroborates the current trendlessness by not going into overbought or oversold territory. It just stays in the middle. The signal in the market is neutral.
Investors are advised to stay away from Petrel Resources until there is a directional movement, which would lead to a bearish or a bullish signal.
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