Oilex shares (LSE:OEX) go further upwards, moving above the 4 EMAs that are used in this analysis. This is a bull market and the market has resumed its upwards journey, as it should.
In the chart, the 4 EMAs used are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown in the top left part of the chart. All the EMAs are sloping upwards, confirmation the bullish outlook on the market. At the present, the price, which has pulled back into the EMAs 10 and 20, has started going upwards again. A long trade can be sought, while the EMA 50 would be considered as a stop area.
As long as the price does not touch the EMA 50, the long trade would be valid: plus price is expected to reach the distribution territory at 10.00 in the medium term.
This forecast is ended with the quote below:
“Mind the fact that good decisions are not restricted to knowing what stock to buy. There are far more important decisions a good trader can make, in the absence of knowing what the outcome will be. Selling losers before a mistake turns into a problem is just one of them.” – Dirk Vandycke
Learn from the Generals of the Markets: Market Generals
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.
Hot Features
Premium
Register for streaming realtime charts, analysis tools, and prices.
