Bahamas Petroleum Company price: BPC remains weak and will grow weaker

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Bahamas Petroleum Company shares (LSE:BPC) have been weak and they remain weak. Hopes of bullish momentums have been dashed, and it seems things may go further downwards from here.

The current phase of bearish movement started around the middle of November 2020, and it holds. Price is below the EMA 21, and the Williams’ % Range period 21 is in a much oversold territory. The weakness in the market has be so strong to the extent that, it does not make sense to assume any long positions right now.

BPC would continue going further southwards, towards the support levels at 2.00, 1.50 and 1.00 in the year 2021. Any rallies attempts in the market will be clear signs of opportunities to go short when prices become a bit expensive, and in the context of a downtrend.

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