A downwards trend should continue on Nu-Oil & Gas
By
Azeez Mustapha
PUBLISHED:
Oct 23 2018 @ 12:24
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More info about Azeez Mustapha
Nu-Oil & Gas shares (LSE:NUOG) are supposed to resume its downwards journey, following the current consolidation. This is another classical example of calm before storm.
Price has consolidated so far this year, except in June, when a bearish movement was briefly witnessed. Since September 2018, a form of consolidation to the downside has also been witnessed, and that means bears are still powerful.
The ADX period 14 is slightly below the level 20, which means the momentum in the market is not great. However, the -DI is above the +DI, which shows the power of bears. The MACD default parameters, have its histogram and signals line below the zero line. There is a sell signal in place.
That means when momentum rises in the market, it would most probably favor bears, as the market goes towards the accumulation territories at 0.80, 0.75 and 0.70,
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