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Goldplat Shares (LSE:GDP) are now at a retail price: those who sell at the current price levels would realized decent gains for their transactions. Inveigled bulls could enter this market at their own peril, ignoring the fact the buying pressures are already occluded. The shares are expected to plummet, either slowly or hastily, thought it does not mean there cannot be intermittent fluctuations to the upside in the near-term before the price resumes its southward plunge.
Technical Forecast
Until the end of September 2012, the market was in an uptrend. But since then, it has been in a downtrend. The market just continues making lower highs and lower lows. On the chart, there are Trendlines and the Relative Strength Index period 14. The Trendlines show that the market is in a downward phase, while the RSI signifies a weak market by going into the oversold region. The RSI could stay in that region for a long time (the bearish outlook is valid for as long as the price remains below the level 50). The price now stands at the level of 12.625. It is expected that the support levels of 12.500 and 12.400 be breached downwards in due course, whereas, there are resistance levels at 12.700 and 12.00.
The price is really at a retail price – something favorable to bears. Someone who opens a new short position could put their stop at 12.820. This person also might plan to exit their position as soon as the price reaches 12.020. The only thing that can make this outlook invalid is a situation in which the price attacks the upper Trendline and breaches it to the upside, while the RSI 14 goes above the level 50. As it is true of all trading methodologies, a point where you would take your profit is crucial, especially in an attempt to have more gains than losses. One needs to pinpoint the highest or the lowest amount one would hang one’s hat upon. That is when one would know when to smooth a position.
Conclusion: There is no ‘buy’ signal on the Goldplat plc market: what we have is a ‘sell’ signal. I know that, by saying this, I won’t be the favorite analyst for this week. However, we have successful career in the world of speculation when we respect what the price is doing. That is when we will enjoy happy and successful career.
This article is ended with the quote below:
“In my opinion, hard work in combination with a certain humility vis-à-vis the market, is the best recipe for success… However, I can’t imagine leading a life without trading being the center of my professional activity. I just live to trade!” – Faik Giese
