Can Serica Energy go upwards again?

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Serica Energy stock (LSE:SQZ) can still go upwards again, following the current slight bearish correction in the context of a bullish bias.

The ADX period 14 is not above the level 20, meaning that the momentum in the market is not great. The DM+ is not also conspicuously above the DM- (another result of the trendlessness in the market).

The MACD default parameters, has its histogram below the zero line, plus its signal lines are sloping downwards while remaining above the zero line. No clear signal here.

Eventually, it is expected that The ADX would go above the level 30 (a rise in momentum), and the DM+ would move above the DM-. The MACD would then have its histogram and signal lines above the zero line. This is what would bring a Bullish Confirmation Pattern in the market.

Serica Energy might go further upwards after the ongoing bearish correction.

 

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