Photo-me Internationl shares (LSE:PHTM) currently have a false “buy” signal on them. The condition in the market is not yet ripe for long trades, unless future developments justify it.
In the 4-hour chart, the ADX period 14 is not above the level 20, showing a lack of momentum in the market. The DM+ is below the DM-, meaning that bears are in control. The MACD default parameters, has its histogram above the zero level, while its signal lines are below the zero level.
The possibility of price going further south is higher than the possibility of it rallying significantly. Should the MACD histogram drop again below the level 50, a Bearish Confirmation Pattern would form in the market. Photo-me International is expected to test the demand levels at 130.00, 125.00 and 120.00 this year.
This means that the bullish effort we saw in the last few trading days were just opportunities to sell at higher prices.
This forecast is ended by the quote below:
“Always remember that there are people out there with the ability to push the market around, and they will do so at every opportunity.” – Joe Ross
What Super Traders Don’t Want You To Know: Super Traders
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 streaming realtime charts, analysis tools, and prices.
