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New World Oil stock (LSE:NEW) has shown that a new trading opportunity would inevitably be generated soon, based on the current price action. This is an attractive market indeed.
For several months, the stock has been trending downwards, while also consolidating to the downside. The price is now under the EMA 21 and the Williams’ % Range period 20 is in the oversold region. In reality, this is a bear market which may go further downwards by up to 80 points, enabling the price to reach the great support level at 0.005. But…
There is a high probability that the price would break out soon; moving upwards gradually or significantly. A great opportunity has emerged for the bulls indeed. The coming bullish phase could hold out longer than expected, for the market can go upwards by thousands of points. When the market is strong, bearish signals would be bogus in most cases.
Please let us not forget that we need to manage our risk as we trade this stock. As one expert notes, in trading, entrepreneurship, and competitive sports are not easy. They require moving forward in the face of many small losses and rejections.
This forecast is ended by the quote below:
“Thus far our success has been based on a humble approach where we admit that we don’t know everything there is to know and we must always have an open mind to learn more and more. Success in investing comes from continuously learning and keeping an open mind.” – Mark Mobius
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