88 Energy in a consolidation phase

Share On Facebook

88 Energy stock (LSE:88E) is in a consolidation phase and it is possible to continue in that phase until there is a breakout in the market. When the breakout happens, it would most likely favor bulls as it is explained below.

Price is currently hovering between the upper and lower Trendlines, while the RSI period 14 is above the level 50 (a bullish signal). The recent historical data shows a base, which would propel the market upwards when volatility arises.

As soon as it goes upwards, moving above the upper Trendline, 88 Energy would reach the distribution territories at 2.0, 3.0 and 4.0 within the next several months. By then, the RSI period 14 would have gone back into the overbought region.

 

Traders’ Mindset: Traders’ Mindset

 

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.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:43 V: D:20171213 20:53:54