Tethys Petroleum Continues Its Downtrend

Tethys Petroleum stock (LSE: TPL) has long been in a downtrend and this is supposed to continue. This downtrend has been going on for most part of this year, while rallies proffer short-selling opportunities. We do not want to be fooled by the noises in the market. Rather, we want to look at the Big Picture. On Tethys, the Big Picture is a weakness in the market.

4 EMAs are used for this analysis, and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left side of the chart. All the EMAs are sloping downwards, with the EMA 50 providing resistance in the near-term and the EMA 200 providing resistance in the long-term. Any rallies into the EMA 10 or 20 may enable the price to nosedive again. It is not sensible to short a bull market, and neither is it sensible to purchase a bear market. The price may eventually reach the support level at 13.00.

This forecast is ended by the quote below:

“Just as scientists claim, according to Chaos Theory, that a butterfly can start a storm, you can imagine that a few key, seemingly minor events, can start a major market move.” – Joe Ross

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