Short Randgold Resources!

PUBLISHED: 29 May 2013 @ 21:04 | Comments (0) | More info about Azeez Mustapha

Randgold Resources (LSE:RRS) has been in a clear downtrend. From the year 2012; and so far in this year, this statement has been true. Any rallies have proven to be short-term in nature, giving nice opportunities to go short at dearer prices.

It can be seen that the EMA 21 has long been sloping downwards on the chart – for a long period of time. As said above, it has always been great to sell rallies in this market, and this time is very much adept for that kind of strategy. In this month of May, 2013, the Williams’ % Range has been going downwards from its monthly overbought region. The price is below the EMA 21 (closing below it), plus the Williams’ % Range would still go below the level 50 and go towards the oversold region. The next nearest target is the demand level at 4500. However, it is possible that the price would cross that level to the downside, going further downwards. This is the matter of the bulls’ loyalists and the bears’ insurgents. The bulls have been suffering in the market, and the bears have been gaining upper hand. There is currently no end in sight to this outlook.

This article is ended with the quote below:

“Find a mentor. As much as I love trading, I could have saved myself years of misdirection had I sought and found a successful mentor. I took timeless lessons about human behaviour and eventually made them my own, but to have a teacher/coach helping set the path would have been a gift.” – Derek Hernquist (Source: www.tradersonline-mag.com)

Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders

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