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Sirius Petroleum stock (LSE:SRSP) has been a turbulent market that is difficult to handle. This is a market where tight stops get hit easily. It is not an overstatement to say that the market is currently in upswings and downswings, while downswings are dominant. As a result of this, the tongue-tied bulls do not know what to do next. However, by looking closer at the price, we may see where it is likely headed.
The price has broken the lower Trendline to the downside and has closed below it, as the RSI period 14 goes into the oversold area. This shows the bears are really dominant. There is a supply level at 4.50 (which is a hurdle to buyers’ interest), and the price could break the demand level at 3.50 to the downside.
Conclusion: The bears are more favored than the bulls in this market. Professional bulls know what to do in this kind of market so that they would not be affected that much. Only novices do not know what to do. We would continue trading no matter what. Some may quit, drawdowns may happen, spikes may occur, uncertainties may be rife, and profits may be difficult to make, but we can trade with peace of mind. The secret to your victory is in you.
This forecast is ended with the quote below:
“I believe that when traders do their chart work every night, and perform price action analysis accurately, they will begin to make the right trade decisions on a regular basis. Whenever I have failed to follow a regular routine of chart observation and study, my trading results have suffered.” – Joe Ross
Eye-opening trading lessons: Lessons from Expert Traders
