Phoenix Group Holdings Price: PHNX Consolidates, Waxing Higher at 560

PUBLISHED: Aug 25 2024 @ 23:25 | Comments (0) | More info about Azeez Mustapha

Over a couple of sessions, buyers have been holding firmly against the trend lines of EMAs in the Price Phoenix Group Holdings Plc (LSE:PHNX), given that the stock currently consolidates, waxing higher at 560.

There has been a bullish candlestick in the making, as buying forces have continued to push through higher barrier point of the line in question. If a bearish candlestick emerges against the current positive forces, subsequent movements will potentially tend resorting to a reversal pattern. And the market lines between 560 and 540 will be the key zones.

Resistance Levels: 580, 590, 600
Support Levels: 540, 530, 520

Is it logically wise for new investors to buy PHNX Plc shares given the oscillators’ current overbought rating outlook?
Considering the positioning posture of the oscillators in the overbought region, it is technically unethical to just open fresh longing orders, given that the stock market consolidates presently, waxing higher at 560.

The stochastic oscillators’ positioning pattern in the overbought zone is indicating that it is not advisable to secure stable positive moves for the next operations. Conversely, if bulls are able to continue building along the trajectory of the developing bullish candlestick, more advances will likely be made toward the 580 resistance level. Above the 50-day EMA indication, the 15-day EMA indicator is extending northward. Additionally, they are below the moving averages.

Learn from market wizards: Books to take your trading to the next

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).

Follow @ItuGlobal

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.