A downwards trend should continue on Nu-Oil & Gas
By
Azeez Mustapha
PUBLISHED:
Oct 23 2018 @ 12:24
|
Comments (0)
|
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,
Trading realities: Trading realities
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Register for real-time alerts, custom portfolio, and market movers
